Itxa/43/2013 Of The Commissioner Of Income Tax - Ii v. M/S. Pushpam Plaza

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.43 OF 2013 The Commissioner of Income Tax-II..Appellant-Versus-M/s. Pushpam Plaza Pvt.Ltd...Respondent ..Respondent ........... Mr. Vimal Gupta, Sernior Advocate, i/b. Vipul A. Bajpayee for the Appellant. ........... CORAM: S.C. DHARMADHIKARIAND A.A. SAYED, JJ. DATE :- 5[th] DECEMBER, 2014 P.C.: This Appeal challenges the order dated 8[th] November, 2011 in Income Tax Appeal No.209/PN/2010. The assessment year is 2004-05. The Revenue's Appeal challenging the deletion of penalty by the First Appellate Authority has been dismissed by the Tribunal. 2]In dismissing it, the Tribunal holds that the Assessee has not concealed the particulars of income or furnished inaccurate particulars thereof particularly relating to the interest on loan taken from the Oriental Bank of Commerce. In the circumstances, the deletion of penalty and for want of satisfaction of the ingredients of section 271(1)(c) read with 1/2 wadhwa 2 explanation 1 thereof of the Income Tax Act, 1961 cannot be termed as perverse. It is not vitiated by any error of law apparent on the face of the record. 3]There is no substantial question of law. The Appeal is, accordingly, dismissed. No costs. (A. A. SAYED, J.) (S.C. DHARMADHIKARI, J.)