Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
ITAT allowed the assessee's appeal, holding that license fees from commercial spaces in mall/warehouse should be assessed under house property income, consistent with previous years' treatment. The tribunal directed the Assessing Officer to assess income under house property and delete the addition to total income. Additionally, the ITAT found the section 143(2) notice invalid due to non-compliance with CBDT instructions, rendering the entire assessment proceeding void. The decision upheld the principle of maintaining consistent income classification across assessment years and emphasized procedural compliance in tax proceedings.
ITAT allowed the assessee's appeal, holding that license fees from commercial spaces in mall/warehouse should be assessed under house property income, consistent with previous years' treatment. The tribunal directed the Assessing Officer to assess income under house property and delete the addition to total income. Additionally, the ITAT found the section 143(2) notice invalid due to non-compliance with CBDT instructions, rendering the entire assessment proceeding void. The decision upheld the principle of maintaining consistent income classification across assessment years and emphasized procedural compliance in tax proceedings.
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