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TMI Blog2023 (2) TMI 1369X X X X Extracts X X X X X X X X Extracts X X X X ..... the said income to tax till the same was detected and notice was issued u/s 148 - HELD THAT:- CIT(A) noted that the revenue does not dispute the fact that all relevant facts material to computation of total income were duly furnished by the assessee and no deficiency in furnishing of the facts had been pointed out by the AO. Therefore, it was held that the deeming provision u/s 271(1)(c) would no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dv. For the Respondent ORDER The Court : This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act for brevity) is directed against the order dated 25th November, 2011 passed by the Income Tax Appellate Tribunal, C Bench, Kolkata (the Tribunal) in ITA No.1554/Kol/2010 for the assessment year 2003-04. The appeal was admitted on 18th June, 2012 on the following substan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Income Tax (Appeals), Central-I, Kolkata dated 11th May, 2010 deleting the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Act. On perusal of the order passed by the CIT(A), we find that the only controversy was with regard to the omission of addition of deemed capital gain of sale of fixed asset in computation of total income under the heading capital gain after d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne of the three contingencies which would be available for the purpose of levying the penalty under Section 271(1)(c) of the Act. Thus, in the absence of any error in the order of the Tribunal or in the decision making process, we find no ground to interfere with the order passed by the Tribunal. Accordingly, the appeal filed by the revenue (ITA/65/2012) is dismissed and the substantial question o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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