Itxa/3197/2009 Of The Commissioner Of Income-Tax-4 v. M/S Jaidep Glass Work Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 403 OF 2009WITHINCOME TAX APPEAL (LDG.) NO. 1288 OF 2006 The Commissioner of Income-tax-, ... Appellant. V/s. M/s.Jaideep Glass Works Ltd. ... Respondent. Vimal Gupta for the appellant. V.S.Hadade for the respondent. CORAM :V.C.DAGA AND J.P.DEVADHAR, JJ.DATED : 24[th] July 2009. P.C. : Heard learned counsel for the appellant and learned counsel for the respondent. 2.Both these appeals are directed against the orders of the Tribunal one arising out of assessment order for the assessment year 1995-96 and another for the assessment year 1996-97. The factual matrix is common. The issue involved is identical. The appeals were argued on the basis of Income Tax Appeal (L) No.1288/2006. The last order of the Tribunal is taken up for consideration along with connected appeal. The Tribunal in para-10 of its order has discussed factual matrix of the case and recorded findings in paras-11 and 12 reading as under: �11.The Ld.Counsel appearing for the assessee has submitted that the claim made by the assessee was bona fide having regard to the Hon�ble Supreme Court decision in the case of Kanara Workshop Pvt.Ltd. 161 ITR 320. In this case it was held that loss of one priority industry cannot be set off against the profits of another priority industry before allowing deduction u/s. 80 I of the Act. 12.After considering the factual position, we have no hesitation in holding that the levy of penalty in the present case is without any basis. The disallowance of the assessee�s claim u/s. 80I has been deleted by the old. CIT(A) except that the adjustment of losses against the profit of Umergaon Unit has been upheld by the Ld. CIT(A). Even this claim made by the assessee is a bona fide claim in view of the Hon�ble Supreme decision referred to supra. We therefore, reverse the order of the CIT(A) and penalty is deleted.� 3.Reading of the aforesaid finding would show that the Tribunal has recorded categorical finding in para-11 that the assessee�s claim was bona fide having regard to the judgment of the Supreme Court in Kanara Workshop Pvt.Ltd. Considering the finding of fact, we see no substantial question of law involved in these appeals. Both appeals are dismissed in limine with no order as to costs.