Commissioner Of Income Tax, Bikaner v. Krishi Upaj Mandi Samiti, Kesrisinghpur

IN THE HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JODHPUR JUDGMENT D.B. INCOME TAX APPEAL NO.165/2014 Commissioner of Income Tax, BikanerVs.Krishi Upaj Mandi Samiti, Kesrisinghpur DATE OF JUDGMENT :: 18.2.2015 PRESENT HON'BLE MR. JUSTICE GOVIND MATHURHON'BLE MR. JUSTICE P.K. LOHRA Mr. KK Bissa, for the appellant ... By accepting an appeal, the additions in income of therespondent-Krishi Upaj Mandi Samiti for the assessment year 2008-09 were deleted by the Income Tax Appellate Tribunal. TheAssessing Officer subsequent thereto imposed penalty upon theassessee as per provisions of Section 271(1)(c) of the Income TaxAct, 1961 by taking into consideration the additions made. Thepenalty imposed was affirmed by the Commissioner of Income Tax.The Income Tax Appellate Tribunal by the order impugned dated25.2.2014 deleted the penalty imposed by arriving at the conclusionthat there is no question of imposing any penalty as per provisionsof Section 271(1)(c) of the Income Tax Act, 1961 as no taxableincome exists. The penalty as per the provision aforesaid can be imposed inthe event of concealment of income or on furnishing inaccurateparticulars of income. In the case in hand, as already stated taxable liability of the respondent-assessee has already beendeleted, therefore, we do not find any wrong in deleting the penaltytoo. The appeal, as such, does not involve any substantial questionof law that may warrant interference in appellate jurisdiction. The appeal is dismissed accordingly. [P.K. LOHRA], J. , J. Sanjay