The Commissioner Of Income Tax-5 v. M/S. Amar Remedies Ltd

ASN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2310 OF 2011 The Commissioner of Income Tax-5.v. M/s. Amar Remedies Ltd. ..Appellant. ..Respondent. Mr. Suresh Kumar for the Appellant.Mr. Subhash S.Shetty for the Respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATE : 1st March, 2013 PC: In this appeal by the revenue following question has been raised for our consideration. Whether on the facts and circumstances of the case and in law the Tribunal was right in confirming the order of the CIT(A) cancelling the penalty of Rs.30 lacs levied u/s.271(1)(c) of the Income Tax Act, 1961 without appreciating that provisions of Explanation 1 to sub section 271 are clearly applicable in this case as the assessee has admitted that in the return of income an inaccurate claim was made as regards the claim of deduction u/s.80IB of the Income Tax Act, 1961? 2)In this case relief claimed under Section 80IB of the Income Tax Act, 1961 was disallowed on certain statement on the basis of the certificate issued by the authorities. Thus, the Tribunal recorded a finding of fact that Certificate of the assessee was mistake and there was no evidence to suggest that the respondent assessee had any malafide intention. Further, the income assessed remained unaltered and the Tribunal concluded that the claim made on the basis of the written mistake was bonafide mistake and thus the order of the CIT(A) deleting penalty was upheld. Further, the Tribunal relied upon its earlier assessment order of A.Y. 2004-05 on an identical issue which was raised and the penalty was cancelled both by CIT(A) and the Tribunal. In this view of the matter, we see no reason to entertain the proposed question of law. 3)Accordingly, the appeal is dismissed with no order as to costs. (M.S.SANKLECHA, J.) (J.P. DEVADHAR, J.)