Itxa/283/2013 Of Commissioner Of Income Tax-10 v. M/S. Timita Leasing And Finance Pvt. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.283 OF 2013 Commissioner of Income Tax-10-Versus-M/s. Timita Leasing & Finance Pvt. Ltd. ..Appellant ..Respondent ........... Mr. Arvind Pinto for the Appellant.Ms. Vasanti Patel for the Respondent. ........... CORAM: S.C. DHARMADHIKARIAND A.A. SAYED, JJ. DATE :- 5[th] DECEMBER, 2014 P.C.: This Appeal challenges the order of the Income Tax Appellate Tribunal, Mumbai Bench, dated 20[th] July, 2011 deleting the penalty. The penalty was deleted by the Commissioner of Income Tax (Appeals) on 18[th ]April, 2011 and the Tribunal upheld it by the impugned order dated 20[th ]July, 2012. 2]The reasons assigned by the Tribunal for upholding the conclusion of the Commissioner in para 7 denote that the Assessee has furnished all the particulars and which enables the Authorities to decide the claim. Merely because the Assessing Officer's order has been reversed and the wadhwa Commissioner's order was accepted by the Assessee, it does not mean that there is a concealment of income. The penalty was deleted by relying upon the legal principles laid down in the decision of the Hon'ble Supreme Court and on finding that all the particulars relevant for the purposes of the enquiry were already disclosed and there was no suppression. In such circumstances, the deletion of penalty cannot be termed as perverse or vitiated by any error of law apparent on the face of the record. The order of the Tribunal does not raise any substantial questions of law. The Appeal is, accordingly, dismissed. No costs. (A. A. SAYED, J.) (S.C. DHARMADHIKARI, J.) 2/2