Mumbai ITAT waves off concealment penalty levied on ‘SRK’ on deemed rental income of gifted Dubai Villa

IT : Concealment penalty could not be imposed upon assessee -Shahrukh Khan in respect of addition made by Assessing Officer towards deemed rental income of villa owned by assessee at Dubai, since revenue had placed reliance on Notification Nos. 90 and 91 of 2008, dated 28-8-2008 and whether such notification would supercede over the DTAA, was a dabatable issue

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000187125/mumbai-itat-waves-off-concealment-penalty-levied-on-‘srk’-on-deemed-rental-income-of-gifted-dubai-villa.aspx