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2016 (6) TMI 108 - ANDHRA PRADESH HIGH COURTPenalty under Section 271(1)(c) - addition made on recomputation of income under the head ‘income from house property' - Tribunal held that levy of penalty under Section 271(1)(c) of the Act, in respect of this addition, was not warranted - Held that:- An appeal under Section 260A of the Act can be entertained only if a substantial question of law arises for consideration. It is only if the appellants are able to satisfy the Court that the finding recorded by the Tribunal is based on no evidence or the finding is perverse, can a substantial question of law be said to arise necessitating interference in appeal under Section 260A of the Act. In the present case, the Tribunal has held that the addition made by the Assessing Officer was on recomputation of the income under the head ‘income from house property’ and “loss on sale of fixed assets”; the assessee had neither concealed any income nor furnished inaccurate particulars of income for the year under consideration; and that the addition was merely technical in nature. It is not even the case of Sri J.V.Prasad, learned Standing Counsel for the Income Tax Department, that the above referred findings of the Tribunal are either perverse or are based on no evidence. We see no reason, therefore, to interfere with the order of the Tribunal in the exercise of jurisdiction under Section 260A of the Act. - Decided against revenue
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