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TMI Blog2016 (6) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... rference in appeal under Section 260A of the Act. In the present case, the Tribunal has held that the addition made by the Assessing Officer was on recomputation of the income under the head ‘income from house property’ and “loss on sale of fixed assets”; the assessee had neither concealed any income nor furnished inaccurate particulars of income for the year under consideration; and that the addition was merely technical in nature. It is not even the case of Sri J.V.Prasad, learned Standing Counsel for the Income Tax Department, that the above referred findings of the Tribunal are either perverse or are based on no evidence. We see no reason, therefore, to interfere with the order of the Tribunal in the exercise of jurisdiction under Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 271(1)(c) of the Act by his order dated 26.03.2009. Aggrieved thereby, an appeal was preferred. The assessee contended before the CIT (Appeals) that the assessee had neither concealed any income nor furnished inaccurate particulars of income for the year under consideration and that levy of penalty, under Section 271(1)(c) of the Act, was not justified. The CIT (Appeals) by his order dated 30.06.2015, followed the judgment of the Supreme Court in the case of CIT v. Reliance Petroproducts Pvt. Ltd. (2010) 322 ITR 158 , and held that the assessee had neither concealed the income nor furnished inaccurate particulars of income for the year under consideration; and, therefore, the penalty under Section 271(1)(c) of the Act was liable t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, in respect of this addition, was not warranted. An appeal under Section 260A of the Act can be entertained only if a substantial question of law arises for consideration. It is only if the appellants are able to satisfy the Court that the finding recorded by the Tribunal is based on no evidence or the finding is perverse, can a substantial question of law be said to arise necessitating interference in appeal under Section 260A of the Act. In the present case, the Tribunal has held that the addition made by the Assessing Officer was on recomputation of the income under the head income from house property and loss on sale of fixed assets ; the assessee had neither concealed any income nor furnished inaccurate particulars of income f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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