The Commissioner Of Income Tax – 10, Mumbai v. M/S.synchem Chemicals (India) Private Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.6811 OF 2010 The Commissioner of Income Tax – 10, Mumbai ..Appellant. Versus M/s.Synchem Chemicals (India) Private Limited..Respondent. Ms.Suchitra Kamble for the appellant.Ms.Vasanti B. Patel for the respondent. CORAM : J.P. Devadhar &A.R. Joshi, JJ. DATE : 16th November 2011 P.C. : 1.Whether the Income Tax Appellate Tribunal was justified in deleting the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961 is the question raised in this appeal. 2.The Income Tax Appellate Tribunal in para-9 of its order has recorded a finding of fact that the assessee has voluntarily submitted revised computation of the valuation without being provoked by the query raised by the assessing officer during the course of assessment proceedings. The Income Tax Appellate Tribunal has held that there was bona fide mistake in valuing the stock and the same has been rectified by filing revised computation. In this view of the matter, the Tribunal has held that this is not the fit case to levy penalty under Section 271(1)(c) of the Income Tax Act, 1961. 3.Since the decision of the Tribunal is based on finding of fact, we see no merit in this appeal. The appeal is accordingly dismissed with no order as to costs. (A.R. Joshi, J.) (J.P. Devadhar, J.)