Commissioner Of Income Tax (Exemptions v. Vidya Bharti Trust

C/TAXAP/477/2018 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABADR/TAX APPEAL NO. 477 of 2018 ========================================================== COMMISSIONER OF INCOME TAX (EXEMPTIONS)VersusVIDYA BHARTI TRUST ==========================================================Appearance:MRS MAUNA M BHATT(174) for the PETITIONER(s) No. 1 for the RESPONDENT(s) No. 1 ========================================================== CORAM: HONOURABLE MR.JUSTICE AKIL KURESHIandHONOURABLE MR.JUSTICE B.N. KARIA Date : 09/05/2018 ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1.Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 24.11.2017 raising following question for our consideration: “Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal was justified in deleting the penalty levied of Rs. 24,47,738/- u/s 271(1)(c) of the Act, 1961 on disallowance of 15% accumulation and disallowance of claim of earmarked fund being corpus fund ?” 2.Issue thus pertains to imposition of penalty under section 271(1)(c) of the Income Tax Act, 1961. The documents on record would show that the Assessing Officer having levied such penalty, the Commissioner of Income Tax (Appeals) and the Tribunal both deleted C/TAXAP/477/2018 ORDER such penalty on the ground that there was computation of arrear on the part of the assessee which was bona-fide and the issue was debatable. 3.No question of law arises. Tax Appeal is dismissed. (AKIL KURESHI, J) ANKIT SHAH (B.N. KARIA, J)