The Commissioner Of Income Tax – 3, Mumbai v. M/S.frank Airways Private Limited, Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1234 OF 2009 The Commissioner of Income Tax – 3, Mumbai..Appellant.VersusM/s.Frank Airways Private Limited, Mumbai..Respondent. Mr.P.S. Sahadevan for the appellant.None for the respondent. CORAM : V.C. DAGA & J.P. DEVADHAR, JJ. DATE : 29TH JULY, 2009 P.C. : 1.Heard learned counsel for the revenue. The question sought to be raised in this appeal revolves around deletion of penalty levied under Section 271(1)(c) of the Income Tax Act, 1961. The tribunal, while deleting penalty, has recorded finding of fact as under : “13.-------- The Penalty levied against which the present appeal has been preferred is related to and connected with penalty levied in respect of claim of depreciation by the assessee. Penalty levied on claim of depreciation has been cancelled by ITAT. Respectfully following the decision of ITAT Indore in the case of the Assessee in 467/Indore/02 dt.29-12-06, we delete the levy of penalty of Rs.4,16,000/- in respect of insurance money of Rs.10,04,890/- receivable by the Assessee for damaged aircraft.” 2.In the above view of the matter, the findings recorded by the tribunal based on proper appreciation of evidence cannot be faulted. We do not find any substantial question of law involved in this appeal. The appeal is, therefore, dismissed with no order as to costs. (J.P. Devadhar, J.)