2015 (5) TMI 228

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..... nding Counsel & Sh Abhishek Sharma, Adv. ORDER 1. The question of law which arises for consideration in this appeal directed against an order of the Income Tax Appellate Tribunal (ITAT) dated 24.04.2014 is whether the penalty under Section 271(1)(c) of the Income Tax Act, 1961 (hereafter referred to as "the Act"), for concealment of material particulars to the tune of Rs. 54,28,629/- was warrant .....

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..... e penalty order originally imposed was directed to be reduced. The further appeal to the ITAT however, was not successful. The assessee, as a consequence, has preferred the present appeal under Section 260A. It is argued that the question whether the nature of loss in this case was speculative loss or not was a matter of considerable debate. In substantiation of this proposition, learned counsel r .....

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..... /profits. The assessee lastly relies upon a Division Bench ruling of this Court in CIT v. Auric Investments and Securities Ltd. 310 ITR Del 121. In that case, the ITAT had held in favour of the assessees. On the revenue's appeal, it was observed that: "14. So, it is clear from the record that all the requisite information as required by the Assessing Officer, was furnished by the assessee. Th .....

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..... the Tribunal. Thus, the order of the Tribunal does not give rise to a question of law, much less a substantial question of law, to fall within the limited purview of Section 260A of the Act, which is confined to entertaining only such appeal against the order which involves a substantial question of law." 4. Learned counsel for the revenue urges that the AO's order was based upon the assesse .....

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..... e point of time when the legislation was amended. Having regard to these facts, the Court is of the opinion that the ratio in Auric (supra) squarely applies to the circumstances of the present case. The imposition of penalty was not warranted. It is accordingly directed to be deleted and the impugned order of the ITAT is set aside. The appeal is allowed in the above terms.
Case laws, Decision .....

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