Tax-9 v. Artemis Biotech Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1442 OF 2007 The Commissioner of Income Tax-9 ..Appellant vs. Artemis Biotech Ltd. ..Respondent Mr.P.S.Sahadevan for appellant. Mr.K.Gopal with Mr.Jitendra Singh for respondent. CORAM: Dr.S.RADHAKRISHNAN & CORAM: Dr.S.RADHAKRISHNAN & CORAM: Dr.S.RADHAKRISHNAN & S.J.KATHAWALLA JJ.21stJuly 2008 S.J.KATHAWALLA JJ. S.J.KATHAWALLA JJ. S.J.KATHAWALLA JJ. 21st P.C. P.C. 1. Heard the learned Counsel appearing for the parties. By the present appeal the appellant is seeking to raise the following questions of law. "Whether in the facts and circumstances of the case and in law, the Tribunal is justified in deleting the penalty imposed by AO?" 2. We have perused the judgment of the Tribunal. From the perusal of the reasons stated in paras 4 and 5 it is very clear that the Tribunal has adopted the view that what is to be considered is total income assessed and not to book profit. The Tribunal after relying upon the judgment of the Hon’ble Supreme Court in Virtual Soft Systems Ltd. Vs. Commissioner of Income Tax reported in (2007) 289 ITR 83 held that the penalty charged by the Assessing Officer and confirmed by the CIT(A) is deleted. We do not find any substantial question of law involved in the present appeal. The appeal is, therefore, dismissed. No costs. KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J.KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J