The Commissioner Of Income Tax – 2, Mumbai v. Padode Communication Private Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1067 OF 2009 The Commissioner of Income Tax – 2, Mumbai ..Appellant. Versus Padode Communication Private Limited..Respondent. Mr.Vimal Gupta for the appellant. None for the respondent. CORAM : V.C. DAGA & J.P. DEVADHAR, JJ.DATE : 21ST JULY, 2009. P.C. : 1.Heard learned counsel for the revenue. The issue sought to be raised in this appeal revolves around penalty under Section 271(1)(c). The tribunal has taken into account the factual circumstances of the case and the evidence available on record and after appreciation thereof, recorded a finding of fact that the assessee had furnished the details of funds available with him in order to explain that borrowed funds were not diverted for a non-business purpose. No fault can be found with the view taken by the tribunal. The view taken by the tribunal is a reasonable and possible view. 2.We see no substantial question of law involved in this appeal. The appeal is accordingly stands dismissed with no order as to costs. (V.C. Daga, J.)