2014 (7) TMI 294

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....y Arora, A. M.: This is an Appeal by the Assessee agitating the Order by the Commissioner of Income Tax (Appeals)-29, Mumbai ('CIT(A)' for short) dated 25.04.2011, dismissing the levy of penalty u/s.271(1)(c) of the Income Tax Act, 1961 ('the Act' hereinafter) for the assessment year (A.Y.) 2003-04 vide order dated 24.03.2009. 2. The background facts of the case are that the assessee, a co-o....

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...., similarly, income-tax refund (at Rs. 26,070/-) and maintenance charges (at Rs. 20,62,300/-) received from mobile companies (for allowing them to use the terrace space of the society's building, for setting up the mobile relay station/s), by treating it as 'income from other sources' as against 'income from house property'. Penalty proceedings were also initiated. The assessee failing to furnish ....

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....ction 57(iii)? As regards deduction u/s.80P(2)(d), the bank interest is only on FDRs placed with the co-operative banks, which are only co-operative societies engaged in the business of banking, so that the same is exigible to deduction u/s.80P(2)(d). Deduction there-under stands in fact allowed by the A.O. himself in assessment. What, then, is the controversy about? Rather, we observe the assesse....