2023 (2) TMI 1369

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..... r 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 substantial question of law: "Whether on the facts and in the circumstances of .....

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..... , 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 deducting the same the head 'business income.' The CIT(A) note .....

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..... 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 of law is answered against the revenue.
Case laws, Dec .....

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