Penalty u/s 271(1) (c) - period of limitation - treatment of...

Penalty u/s 271(1) (c) - period of limitation - treatment of lease rent income - in the revised return, assessee claimed the same as income from house property to claim 30% standard deduction - AO treated the income of the assessee as income from business and initiated penalty proceedings - ITAT found that the penalty order was indeed unsustainable as it was passed beyond the prescribed time limit under section 275. Moreover, the ITAT emphasized that the mere rejection of a claim by the Revenue does not automatically warrant penalty imposition unless there is evidence of concealment or furnishing inaccurate particulars.