The Commissioner Of Income-Tax -5, Mumbai v. M/S Varun Shipping Co. Ltd

Ladda IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL No. 21 of 2011.WITHINCOME TAX APPEAL No. 249 of 2011. The Commissioner of Income-tax -5, Mumbai Versus M/s Varun Shipping Co. Ltd. ... Appellant.... Respondent. Mr Suresh Kumar for the appellant.Mr Jitendra Jain with Mr Durgaprasad i/by PDS Legal for the respondent. CORAM : J.P. Devadhar & A.R. Joshi, JJ. DATE : 2 December, 2011. P.C. :- 1.Whether the ITAT 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 ITAT in para 14 of its order has recorded a finding of fact that the Assessee has furnished all the details before the Assessing Officer at the time of assessment and explanation offered by the Assessee have been found to be correct. In these circumstances, the decision of the ITAT in deleting the penalty Ladda under Section 271 (1) (c) of the Income-tax Act on the ground that the assessee has neither concealed the particulars of its income nor the assessee has furnished inaccurate particulars of income cannot be faulted. Accordingly, the appeal is dismissed with no order as to costs. (A.R.Joshi,J) (J.P.Devadhar,J.)