Itxa/308/2009 Of The Commissioner Of Income Tax-1, Nashik 422 002 v. M/S. Gavkari Prakashan, Nashik

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 307 OF 2009WITHINCOME TAX APPEAL NO. 308 OF 2009WITHINCOME TAX APPEAL NO. 309 OF 2009WITHINCOME TAX APPEAL NO. 310 OF 2009 The Commissioner of Income-tax-I,Nashik. V/s. M/s.Gavkari Prakashan. ... Appellant. ... Respondent. Vimal Gupta for the appellant. S.N.Inamdar for the respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ.DATED : 16th April 2009. P.C. :---- . Heard learned counsel for the rival parties. Perused appeal papers. 2.In all these appeals, mainly, two questionsof law are raised, one relating to section 271D andanother relating to section 271E of the Income Tax Act, 1961 ("Act" for short). 3.So far as question leading to section 271Dis concerned, the Tribunal by dealing with thecontentions raised in this behalf has held that thetransactions in question were genuine. After appreciating the evidence leading to acceptance ofcash deposits the Tribunal has concurred with thefinding of fact recorded by the CIT(A) and deletedpenalties imposed under section 271D of the Act assuch the said finding is based on appreciation ofevidence. In view thereof, no substantial question of law could be said to be arising from the impugned order revolving around section 271D of the Act. 4.So far as question leading to section 271Eis concerned, the Tribunal has recorded finding offact that past more than 20 years, cash deposits wereaccepted and in all these years right from theassessment years 1985-86 to 1995-96, no penalty waslevied on the petitioner for committing breach ofsection 271E or for that purpose under section 271D.The assessee was under bonafide belief that as thedeposits from public were raised in the regular courseof business, no penalty was leviable. This finding isalso based on appreciation of evidence. No substantial question of law is involved in these appeals. 5. with no order as to costs. All the appeals are dismissed in limine (J.P.DEVADHAR, J.) (V.C.DAGA J.)