2010 (7) TMI 1082

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....justified in levying the penalty u/s 271(1) (c) of the Act of Rs. 3,52,413/-. 3 The assessee is a Co-operative Housing Society. The return filed by the assessee was selected for scrutiny in which the assessee has declared loss of Rs. 25,024/-. The assessee has declared Rs. 13,70,576/- which was in respect of compensation received from the following companies for allowing them to use certain portion of the terrace of the Society building: Sl.No. Name of the parties Amount 1 Page Point Services (I) Ltd Rs. 1,95,680/- 2 Page Point Services Rs.2,54,900/- 3 Gate Way System (I) Ltd Rs.4,60,000/- 4 BPL Mobile Communication Ltd R. 4,59,996/-   3.1 The assessee has shown the above incomes as....

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....at Rs. 13,70,576/-. When the issue of quantum was challenged before the Tribunal, the assessee got further relief and thereafter, the income was re-determined at Rs. 8,99,013/-. The A.O levied the penalty of Rs. 3,52,413/- u/s 271(1)(c) of the Act for concealing the particulars of income. The assessee challenged the penalty order before the ld CIT(A) but without success. Now, the assessee is in appeal here before us. 4 We have heard the rival submissions and also perused the relevant records before us. There is no dispute about the fact that the entire rent/license fee received by the assessee Society from the above four companies was declared and recorded in the books of account. There is also no dispute on fact that bogus expenditure w....