Income Tax Appeal v. Heard The Learned Counsel For The Parties

lgc 1 ITXA NO.647/09. IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.647 OF 2009 The Commissioner of Income TaxCentral III, Mumbai: Appellant.versusM/s. Eskay Knit (India) Ltd.(formerly known as Shree Krishna Petroyarns Ltd.): Respondent. Mr.Suresh Kumar for the Appellant.Mr. P J Pardiwala senior counsel a/w Mr. S G Lakhani for the Respondent. CORAM :J P DEVADHAR AND R M SAVANT, JJ.DATED :16[th] NOVEMBER 2010 P.C. Heard the learned counsel for the parties. Perused the Appeal. 2Whether the Income Tax Appellate Tribunal was justified in law in deleting the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961, is the question raised in this Appeal. 3Perusal of the order of the Income Tax Appellate Tribunal shows that apart from the facts that the finally assessed income is “Nil”, the penalty has been deleted mainly on the ground that there was genuine mistake in the original return which was rectified by the assessee and that the bonafides of the assessee have been established. 2 ITXA NO.647/09. 4In our opinion, the decision of ITAT is based on finding of fact and no question of law arises from the order of the Tribunal. Hence, the Appeal is dismissed with no order as to costs. [R.M.SAVANT, J] [J P DEVADHAR, J]