The Commissioner Of Income Tax-1 v. The Indian Plywood Mft. Co.pvt. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.2445 OF 2009 The Commissioner of Income Tax-1..Appellant.Vs. The Indian Plywood Mft. Co.Pvt. Ltd...Respondent. .... Mr. Suresh Kumar for the Appellant.Mr. Atul K. Jasanifor the Respondent. .... CORAM : DR. D.Y.CHANDRACHUD &J.P. DEVADHAR, JJ. 8[th] January, 2010. P.C.: The only question of law which is raised in this Appeal is whether the Tribunal was correct in cancelling the penalty of Rs.4,02,688/- levied under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal in its judgment has noted that the assessee had furnished all the particulars of income; the fact that the interest proceeds from the department were set off against the interest payable by the assessee to the department and that only the net interest income was offered to tax was disclosed by the assessee. There was no dispute about the fact that the particulars furnished by the assessee were correct. In this factual background the Tribunal was not in error in holding that there was no concealment of the particulars of income or the furnishing of any inaccurate particulars. The Appeal by the revenue therefore is lacking in substance and does not raise any substantial question of law. The Appeal shall stand dismissed. (Dr. D.Y.Chandrachud, J.) (J.P. Devadhar, J.)