In The Commissioner Of Income-Tax-3 v. Coral Laboratories Ltd, the High Court (2011) dismissed the appeal. The decision went in favour of the assessee.
Issue: Whether the Tribunal was justified in deleting the penalty levied by the Assessing Officer u/s 271(1)(c) of the Income Tax Act, 1961 is the question raised in this appeal.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
Dmt
IN THE HIGH COURT OF JDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO. 3476 OF 2010
The Commissioner of Income-Tax-3.
..Appellant.
Vs.Coral Laboratories Ltd., ..Respondent.
Mr. Vimal Gupta for the Appellant.Mr. Subramanion i/by V.S. Hadade for Respondent.
CORAM : J.P. DEVADHAR AND A.A. SAYED, JJ.
DATE : 6TH JULY, 2011.
P.C.
Whether the Tribunal was justified in deleting the
penalty levied by the Assessing Officer u/s 271(1)(c) of the Income Tax Act, 1961 is the question raised in this appeal.
The Tribunal has deleted the penalty on the ground that
the claim made by the assessee was a bonafide claim and the fact that
the claim was disallowed by the Tribunal cannot be a ground to impose penalty. In this view of the mater, we see no reason to entertain this appeal. Appeal is dismissed. No order as to costs.
( A.A. SAYED, J. )
(J.P. DEVADHAR, J.)
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