The Commissioner Of Income Tax - 1, Nashik v. Yadav Builders & Developers

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2566 OF 2010 The Commissioner of Income Tax - 1, Nashik..Appellant. Versus Yadav Builders & Developers..Respondent. Mr.Vimal Gupta for the appellant.None for the respondent. CORAM : J.P. Devadhar & Smt.R.P. Sondurbaldota, JJ. DATE : 24[th] June, 2011. P.C. : 1.Whether the Income Tax Appellate Tribunal was justified in deleting the penalty levied under Section 271B of the Income Tax Act, 1961 is the question raised in this appeal. 2.The findings of fact recorded by the Tribunal in para-5 of its judgment reads thus : "5.In our considered opinion death of a partner can be said to be a reasonable cause for non furnishing of other connected details being in his exclusive possession, before the AO. However, it is not in dispute that the payers wee all agriculturists. It is also not in dispute that all those loans duly been confirmed by the confirmation letter and it is not the case of the Revenue that those depositors were not genuine. Considering the totality of the facts and circumstances of the case and case laws cited, we are inclined to hold that no penalty is imposable because of the basic reasons that the impugned failure was due to a reasonable cause hence rightly deleted by CIT (A) as prescribed under Section 273B of the I.T. Act. We direct accordingly, Ground dismissed." 3.We see no error in the decision of the Tribunal. The appeal is accordingly dismissed with no order as to costs. (Smt.R.P. Sondurbaldota, J.)(J.P. Devadhar, J.)