2013 (3) TMI 750

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..... JUDGEMENT 1. In this appeal by the Revenue for assessment year 200405, following question of law has been framed for our consideration. "Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that there is no existence of quantum addition, in spite of the facts that the appeal under Section 261A of quantum addition is pending before Hon' .....

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..... lding the finding of the Commissioner of Income Tax (A) that there is no dispute that facts with regard to sale and purchase of land was not concealed by the respondent - assessee and in any event in the facts of the case two views are possible, thus, no penalty is imposable. 3. The submission of the Revenue is that as this Court has entertained its appeal from the order of the Tribunal in quantu .....

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..... f income being not accepted. The Supreme Court in the matter of Commissioner of Income Tax V/s. Reliance Petroproducts (P) Limited reported in 322 ITR 158 has held that mere rejection of a claim would not lead to imposition of penalty. In the above circumstances, we see no reason to entertain the proposed question of law. 5. Accordingly, the appeal is dismissed with no order as to costs.
Case .....

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