Itxa/1005/2012 Of The Commissioner Of Income Tax Central -Iii v. M/S. Virtuous Finance Ltd

sbw IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1008 OF 2012WITH INCOME TAX APPEAL NO. 1005 OF 2012WITH INCOME TAX APPEAL NO. 1004 OF 2012 The Commissioner of Income Tax,Central-III ..Appellant -Versus-M/s. Virtuous Finance Ltd. ..Respondent ........... Mr. Arvind Pinto for the Appellant. Mr. P. J. Pardiwalla, Senior Advocate, i/b. Atul K. Jasani for the Respondent. ........... CORAM: S.C. DHARMADHIKARI AND A. A. SAYED, JJ. DATE :- 30[th] OCTOBER, 2014 P.C.: The Tribunal's order deleting the penalty is questioned in these Appeals. The Tribunal has deleted the penalty because it concluded that the ingredients enabling imposition of penalty were not satisfied in this case. The issue raised by the Assessee was arguable. The Assessee succeeded partially before the Tribunal in Quantum Proceedings as well. In these circumstances and because the Assessee partially succeeded in *2* Quantum Proceedings, penalty has been rightly deleted. No substantial question of law arises. The Appeals are dismissed. No costs. (A. A. SAYED, J.)(S.C. DHARMADHIKARI, J.) wadhwa