The Commissioner Of Income-Tax -4, Mumbai v. Oasis Securities Ltd

Ladda IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL No.3 of 2011. The Commissioner of Income-tax -4, MumbaiVersusOasis Securities Ltd ... Appellant.... Respondent. Mr Vimal Gupta for the appellant.Mr Beena Pilai for the respondent. CORAM : J.P. Devadhar & A.R. Joshi, JJ.DATE : 16 January, 2012. P.C. :- 1.Whether the ITA (T) 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 assessment year involved herein is 2002-2003. 3.The ITAT in para No. 7.2 of its order has recorded a finding of fact that in AY 2004-05 and 2005-06, the penalty was sought to be imposed upon the assessee and on being objected, the penalty proceedings were dropped. The Tribunal has recorded a finding that the penalty proceedings were dropped as the revenue was satisfied that there was no concealment of income and accordingly deleted the penalty imposed in the assessment year in question. No case is made out by the Revenue to show that the facts in the assessment year in Ladda question are different from the facts in AY 2004-05 and 2005-06. In this view of the matter, we see no reason to entertain the present appeal. Accordingly, the appeal is dismissed with no order as to costs. (A.R.Joshi,J) (J.P.Devadhar,J.)