Itxa.865.866.12.32.33.Con v. A.k. Menon, J

kps IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.865 OF 2012WITHINCOME TAX APPEAL NO.866 OF 2012ALONG WITH INCOME TAX APPEAL NO.1149 OF 2012 (not on board) The Commissioner of Income Tax. ..Appellant -Versus-Mahendra J. Yeole. ..Respondent ........... Mr.Vimal Gupta, Senior Advocate with Mr.Vipul Bajpayee, for the Appellant.Mr.Vishnu S. Hadade, for the Respondent. ........... CORAM: S.C. DHARMADHIKARIAND A.K. MENON, JJ. DATE :- 12[th] September, 2014 P.C.: 1 The Revenue is in Appeal against the orders passed by the Income Tax Appellate Tribunal. The Assessment Years in question are 2000-2001, 2001-2002 and 2004-2005. The issue really was of penalty and for not being able to furnish any explanation for the loan obtained by bearer cheques. 2However, the Tribunal has vacated the order of imposition of penalty and in paragraph 4 held that this transaction was recorded in the Books of Account which was not pointed out even by the Auditors as the same was done by normal course of business. That ignorance of law was pleaded as one of the reason or excuse, but the Tribunal has not accepted it. The Tribunal has gone by the fact that there were materials and which would evidence the transactions. In such circumstances and relying upon the order passed by this Court (Commissioner of Income Tax v/s Schell International reported in (2005) 278 ITR 630(Bom)), the Tribunal vacated the penalty. The order imposing the penalty having been quashed and set aside on such grounds the present Appeals do not raise any substantial question of law. They are, accordingly, dismissed. No costs. (A.K. MENON, J.) (S.C. DHARMADHIKARI, J.)