2000 (10) TMI 4

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....is appeal filed under section 260A of the Income-tax Act, 1961 (for short "the Act"), the Revenue has prayed for determination of the following question of law: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in deleting the penalty of Rs.72,370 imposed under section 271(1)(c) of the Income-tax Act, 1961, by holding that where the ....

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....ppellate order was upheld by the Income-tax Appellate Tribunal (for short, "the Tribunal"), while dismissing the appeal of the Revenue. We have heard Shri R. P. Sawhney, senior advocate appearing for the appellant, and have gone through the record. In our opinion, no question of law, much less a substantial question of law arises for determination in this appeal. A perusal of the order passe....

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....of India [1984] 150 ITR 714. The High Court has observed as under: 'Held, that merely because the addition had been made on estimate under the proviso to section 145(1) by adopting the view that the gross profit shown in the books of account was too low as there were defects in the method of accounting employed, did not automatically lead to the conclusion that there was failure to return the c....