Commissioner Of Income Tax,Central Ii v. M/S. Development Credit Bank Ltd

ASN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2411 OF 2011 WITH INCOME TAX APPEAL NO.2424 OF 2011 WITH INCOME TAXAPPEAL NO.2453 OF 2011 Commissioner of Income Tax,Central II. v. M/s. Development Credit Bank Ltd. ..Appellant. ..Respondent. Mr. Vimal Gupta, Sr. Advocate for the Appellant.Ms. Aasifa Khan with Satish Modi i/by Padma Divakar for the Respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATE : 14[th] February, 2013. PC: In these appeals relating to Assessment Years 1999- 2000, 2000-2001 and 2001-2002 the issue raised is whether the Tribunal was justified in deleting the penalty under Section 271(1)(c) of the Income Tax Act, 1961? ASN ITXA-2411-2424-2453.sxw 2) The penalty u/s. 27(1)(c) of the Income Tax Act, 1961 was imposed for dis-allowance of depreciation on compensation and depreciation on leased asset. The Tribunal deleted the penalty by following its order in respondent-assessee's case for assessment year 1998-99 when penalty was deleted on the ground that the issue was debatable, the explanation offered/furnished by the assessee was bonafide and there is no furnishing of inaccurate particulars or concealment of income by the assessee. 3) Counsel for the parties state that the revenue carried the matter in appeal to this court from the order of the Tribunal for Assessment Year 1998-1999 being Income Tax Appeal l No. 5490 of 2010 in respect of the same respondent assessee. This Court by order dated 6/9/2011 did not entertain the revenue's appeal against the order deleting the penalty. The factual situation is the same in these assessment years as in Assessment Year 1998- ASN 1999. Thus, in view of the reasons given in the order dated 6/9/2011 of this Court in Income Tax Appeal No.5490 of 2010, we see no reason to entertain the present appeal. 4)Accordingly, all the appeals are dismissed with no order as to costs. (M.S.SANKLECHA, J.) (J.P. DEVADHAR, J.)