Commissioner Of Income-Tax, Jalandhar-I, Jalandhar v. M/S Indersons Leather (P) Ltd., A-6 Sport And Surgical

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH I.T.A. No. 118 of 2009 (O&M) DATE OF DECISION: 24.8.2009 Commissioner of Income-tax, Jalandhar-I, Jalandhar ..........Appellant Versus M/s Indersons Leather (P) Ltd., A-6 Sport and Surgical ..........RespondentComplex, Jalandhar. CORAM:- HON'BLE MR. JUSTICE ADARSH KUMAR GOEL HON'BLE MRS. JUSTICE DAYA CHAUDHARY Present:-Mr. Vivek Sethi, Advocatefor the appellant. **** ADARSH KUMAR GOEL, J. (Oral) 1.The revenue has preferred this appeal under Section 260-A ofthe Income Tax Act, 1961 (for short, “the Act”) against the order of IncomeTax Appellate Tribunal, Amritsar Bench, Amritsar dated 12.9.2008 passedin ITA No. 50(ASR)/2008 for the assessment year 2001-02, proposing toraise following substantial question of law:- “Whether on the facts and circumstances of the case(having furnishing of inaccurate particulars of incomeestablished) the ITAT was right in law in deleting thepenalty imposed under section 271(1)(c) of the IncomeTax Act, 1961?” 2.The assessee made a claim declaring his income as businessincome while the Assessing Officer held the same to be income from houseproperty, which view has been upheld by the Tribunal. The Assessing I.T.A. No. 118 of 2009 (O&M) Officer also levied penalty under Section 271(1)(c), which was upheld bythe CIT(A). The Tribunal, however, held that the assessee was not guiltyof any concealment or giving inaccurate particulars and had raised adebatable issue. In such a situation, penalty was deleted. 3.We have heard learned counsel for the revenue. 4.In view of the finding of the Tribunal that assessee had notconcealed income nor furnished inaccurate particulars and had merelyraised a debatable issue, we are unable to hold that any substantialquestion of law arises. 5.The appeal is dismissed. (ADARSH KUMAR GOEL) JUDGE August 24, 2009pooja (DAYA CHAUDHARY)JUDGE Note:-Whether this case is to be referred to the Reporter .......Yes/No