Concealment Of Particulars Of Income The Part Of The Respondent Assessee. The Tribunal Held That Application Of Section 73 Of The v. We Find No Fault With The Impugned Order Of The

ASN IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.822 OF 2011 The Commissioner of Income Tax-9.v. ..Appellant. M/s.Arfin Brokers Pvt. Ltd. ..Respondent. Mr. Arvind Pinto for the Appellant. Mrs.Chartulata S.Khanna for the Respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATE : 22ND JANUARY, 2013 PC: The basic question which arises in this appeal by the revenue is Whether the Tribunal was justified in deleting the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961?. 2)The dispute between the respondent assessee and the revenue arose on account of assessing the loss as ASN speculation loss rather then as loss on account of business. The Tribunal in the impugned order has deleted the penalty by holding that the material facts regarding the source of income/loss had been disclosed. Thus, the Tribunal concluded that there was no concealment of particulars of income the part of the respondent assessee. The Tribunal held that application of Section 73 of the Income Tax Act, 1961 by the revenue itself shows that dis-allowance was made under a deeming provisions and thus there there cannot be any concealment of particulars of income or furnishing of inaccurate particulars. In fact, the Tribunal has followed the decision of the Apex Court in the matter of CIT v. Reliance Petroproducts Private Limited reported in 322 ITR 158(SC) and held that the respondent assessee has given all information and details which are not found to be incorrect or inaccurate was not sustainable.allowance was made under a deeming provisions and thus there there cannot be any concealment of particulars of income or furnishing of inaccurate particulars. In fact, the Tribunal has followed the decision of the Apex Court in the matter of CIT v. Reliance Petroproducts Private Limited reported in 322 ITR 158(SC) and held that the respondent assessee has given all information and details which are not found to be incorrect or inaccurate was not sustainable. 3) We find no fault with the impugned order of the ASN Tribunal as it has followed the decision of the Apex Court in the matter of Reliance Petroproducts (P) Ltd. (supra). 3)In the circumstances, no occasion to entertain the present appeal arise. 4)Accordingly, the appeal is dismissed with no order as to costs. (M.S.SANKLECHA, J.) (J.P. DEVADHAR, J.)