Itxa/577/2011 Of The Commissioner Of Income Tax - 8 Mumbai v. Gemplus Jewellery India Ltd

sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.577 OF 2011 The Commissioner of Income Tax-8, Mumbai ..Appellant. V/s. M/s. Gemplus Jewellery India Ltd. ..Respondent. Mr. Suresh Kumar for the appellant. Ms.Aarti Vissanji with S.J. Mehta for the respondent. CORAM : J.P. DEVADHAR AND A.R. JOSHI, JJ. DATED : 19TH JANUARY, 2012 P.C. :- 1.Whether the ITAT was justified in deleting the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961 ('the Act' for short), is the question raised in this appeal. 2.The assessment year involved herein is AY 2004-05. 3.The ITAT in para 9 of its order recorded a finding that the assessing officer while giving effect to the order of CIT(A) noticed that the assessee had claimed exemption under Section 10A of the Act amounting to Rs.3,71,33,183/- whereas the claim allowable was only to the extent of Rs.3.26 crores. The assessing officer was of the view that the assessee had deliberately claimed excess exemption under Section 10A of the Act and, therefore, levied penalty under Section 271(1)(c) of the Act. The ITAT relying upon the decision of the Apex Court in the case of CIT V/s. Reliance Petroproducts Pvt. Ltd. reported in [2010] 322 ITR 158 (SC) held that there is no material to suggest that higher claim was made deliberately and accordingly deleted the penalty levied under Section 271(1)(c) of the Act. In our opinion, no question of law arises from the decision of the Tribunal. Accordingly, the appeal is dismissed with no order as to costs. (A.R. JOSHI, J.) (J.P. DEVADHAR, J.)