GANDRA VENKATA RAMANA REDDY,WARANGAL vs. ASST.COMMISSIONER OF INCOME TAX, CIRCLE-1(I/C), WARANGAL
In the result appeal is considered partly allowed
ITA 1881/HYD/2017[2012-13]Status: DisposedITAT Hyderabad06 Jun 2018AY 2012-13
Bench: Shri D. Manmohan & Shri B. Ramakotaiahassessment Year: 2012-13 Sri Gandra Venkata Vs. The Asst. Commissioner Of Ramana Reddy, Income Tax, Circle -1 Warangal. (I/C), Warangal Pan – Aiepg9935A (Appellant) (Respondent) Assessee By : Shri K.V. Chalamaiah Revenue By : Shri M. Naveen Date Of Hearing : 29-05-2018 Date Of Pronouncement : 06-06-2018 Order Per B. Ramakotaiah, Am: This Is An Appeal By Assessee Against The Confirmation Of Penalty Of Rs. 2,76,555/- U/S 271(1)(C) Of The It Act On The Reason That Assessee Has Not Declared The Rental Income On The Property. 2. Briefly Stated Facts Leading To The Penalty Are That Assessee Was An Mla & Was Also Carrying Business Of Maintaining A Petrol Bunk & Transport Business In Individual Capacity. In The Course Of Scrutiny Proceedings, A.O Noticed That There Was A Rental Income To The Tune Of Rs. 8,95,000/- From M/S Unitech Wireless & M/S Axis Bank & The Tds Was Credited To The Individual Account & Assessee Also Made The Claim. Since The Corresponding Income Was Not Offered, A.O Asked Assessee As To Why The Same Should Not Be Brought To Tax. It Was 2
For Appellant: Shri K.V. ChalamaiahFor Respondent: Shri M. Naveen
Section 271(1)(c)
penalty are that Assessee was an MLA and was also carrying business of maintaining a petrol bunk and transport business in individual capacity. In the course of scrutiny proceedings,
A.O noticed that there was a rental income to the tune of Rs. 8,95,000/- from M/s Unitech Wireless and M/s Axis
Bank, and the TDS
