2013 (10) TMI 226

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....NT:- PER : D.V. Shylendra Kumar This appeal by the Revenue under section 260-A of the Income-tax Act, 1961 (for short 'the Act') is directed against the order dated 26.11.2008 passed by the Income Tax Appellate Tribunal, Bangalore Bench 'B', in ITA No. 567(Bang)/2008 relating to assessment year 2004-05. 2. The assessee is an individual and for the assessment year, the assessee had filed r....

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....lty is levied not on actual basis but because of difference in valuation and the fiction created as the Tribunal felt levy of penalty is not justified, set aside the same. 6. It is against this order, the revenue is in appeal raising the following substantial questions of law.      "1. Whether the Tribunal was correct in holding that no penalty u/s. 271(1)(c) of the Act c....

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..... However, when the matter came up for admission, Sri. Chandrashekar, learned counse1, for respondent - assessee to whom notice had been issued, points out that the subject matter of the appeal is less than Rs. 10 lakhs and as per the Board Circular, such appeal of the revenue is not tenable. 8. Sri. K. V. Aravind, learned standing counsel appearing for the appellant - revenue submits that in s....