2016 (7) TMI 405

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....This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 10th May, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order relates to the Assessment Year 2004-05. 2 The Revenue urges only the following questions of law for our consideration: "(a) Whether on the facts and in the circumstance of the case and in law, the ....

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.... under the normal provisions of the Income Tax Act and not u/s. 115JB?". 3 Re Question (a): (a) As it evident from the question formulated for consideration, the grievance of the Revenue to the impugned order of the Tribunal is that it holds that no penalty is imposable as in quantum appeal, the Respondent-Assessee had succeeded. This, according to the Revenue is by ignoring the fact that in....