No Penalty Imposed: Bona Fide Belief in Classifying Rental Income as Business Income u/s 271(1)(c) of Income Tax Act.

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....Penalty u/s. 271(1)(c) - assessee had wrongly shown the rental income as 'business income' - Even the pertinent fact on the file is that in the immediate preceding assessment year, the assessee had offered the same income as income from business and which was accepted by the AO under scrutiny assessment proceedings. Under the circumstances for the assessment year under consideration, the assessee can safely be said to be having bonafide belief for offering the same under the same head i.e. 'income from business or profession'. - No penalty - AT....