Appellant/S v. The Nanded District Central Cooperativebank Ltd., Station Road, Nanded

{1} tax appeal 36.12.odt IN THE HIGH COURT OF JUDICATURE OF BOMBAYBENCH AT AURANGABADINCOME TAX APPEAL NO. 36 OF 2012 The Commissioner of Income Tax,Aurangabad. Appellant/s Versus The Nanded District Central CooperativeBank Ltd., Station Road, Nanded. Respondent/s Mr. Alok Sharma, Assistant Solicitor General for the Appellant. CORAM : S.C. DHARMADHIKARI & RAVINDRA V. GHUGE, JJ. DATE : 28TH JANUARY, 2014. PER COURT: 1]Heard Mr. Sharma, ASGI on behalf of the appellant. 2]Perused the order of the Income-tax Appellate Tribunal dated 28.5.2012 and the order passed by the Commissioner of Income Tax (Appeals). 3]Both the authorities have held that the penalty cannot be imposed as the explanation given by the District Central Cooperative Bank, would reveal that the income was not concealed. 4]The powers enabling imposition of penalty, {2} tax appeal 36.12.odt therefore, were not exercised in the given facts and circumstances. The explanation of the assessee was accepted. 5]To our mind, the views of both the authorities are based on and consistent with the material produced. There is no substantial question of law arising for determination in this appeal. 6]The appeal is devoid of any merit and hence the same is dismissed. [RAVINDRA V. GHUGE] JUDGE [S.C. DHARMADHIKARI] JUDGE. grt/-