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2018 (8) TMI 1555 - HC - Income TaxPenalty u/s 271(1)(c) - statutory claim under Section 54/54F - Held that:- The Appellate Tribunal observed that the respondent assessee had computed the capital gain and disclosed the capital gain, but claimed exemption under Section 54/54F for investment in another land and property, which, according to the assessee, was a residential house. The Revenue claimed that the reinvestment was in agricultural land and not residential house. It was not the case of the Assessing Officer that the respondent assessee had concealed any part of the sale proceedings and thereby concealed the capital gain that had accrued to him. Making of a statutory claim under Section 54/54F of the 1961 Act could not be said to be concealment of particulars of income. An appeal lies under Section 260A of the 1961 Act, only when there is a substantial question of law. We find that there is no question of law involved in this appeal much less any substantial question of law. The learned Tribunal, which is the highest fact finding body, has found on facts that the respondent assessee had neither concealed his income nor furnished inaccurate particulars of income. Such factual findings cannot be interfered with in an appeal under Section 260A of the 1961 Act. Right of appeal is not automatic. Right of appeal is conferred by statute. When statute confers a limited right of appeal restricted only to cases which involve substantial questions of law, it is not open to this Court to sit in appeal over the factual findings arrived at by the Appellate Tribunal.
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