In The Commissioner Of Income Tax-4 v. M/S.renaissance Securities Ltd, the High Court (2010) dismissed the appeal. The decision went in favour of the assessee.
Decision: The appeal stands dismissed.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF JUDICATURE AT BOMBAYO. O. C. J.
INCOME TAX APPEAL (L) NO.3051 OF 2009
The Commissioner of Income Tax-4. Vs.
...Appellant.
M/s.Renaissance Securities Ltd.
...Respondent.
....
Mr.Vimal Gupta for the Appellant.None for the Respondent.
.....
CORAM : DR.D.Y.CHANDRACHUD AND
J.P.DEVADHAR, JJ.
June 21, 2010.
P.C. :
The Tribunal has furnished valid reasons for justifying the deletion of a penalty under Section 271(1)(c) of the Income Tax Act, 1961. The assessee’s claim of depreciation has been held to be bona fide and the Tribunal has confirmed the finding of the Commissioner (Appeals) that the assessee had not furnished inaccurate particulars, nor had he concealed particulars of income. We see no reason to take a different view. No substantial question of law is raised. The appeal stands dismissed.
( Dr.D.Y.Chandrachud, J.)
( J.P.Devadhar, J.)
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