https://www.taxtmi.com/caselaws?id=406839 The tribunal overturned the penalty imposed under Section 271(1)(c) of the Income Tax Act for treating rental income as 'income from business' instead of 'income from house property.' Emphasizing the need to ascertain the true nature of the income, the tribunal ruled in favor of the assessee, citing that penalty proceedings are distinct from quantum assessments. The penalty was deemed unwarranted, and the Assessing Officer was directed to delete it, resulting in the resolution of the dispute regarding the treatment of rental income for the assessment year 2010-11. en-us Thu, 22 Apr 2021 00:00:00 +0530 Sat, 24 Apr 2021 09:37:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406839 The tribunal overturned the penalty imposed under Section 271(1)(c) of the Income Tax Act for treating rental income as 'income from business' instead of 'income from house property.' Emphasizing the need to ascertain the true nature of the income, the tribunal ruled in favor of the assessee, citing that penalty proceedings are distinct from quantum assessments. The penalty was deemed unwarranted, and the Assessing Officer was directed to delete it, resulting in the resolution of the dispute regarding the treatment of rental income for the assessment year 2010-11. Case-Laws Income Tax Thu, 22 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406839