The Commissioner Of Income Tax-5 v. M/S.jindal Iron & Steel Co.ltd

ttm IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2811 OF 2009 The Commissioner of Income Tax-5 .. Appellant Vs. M/s.Jindal Iron & Steel Co.Ltd. .. Respondent. Mr.Suresh Kumar for the appellant Ms.Atul K. Jasani for the respondent CORAM: J.P. DEVADHAR & K.K. TATED, JJ.DATE: 9TH SEPTEMBER, 2011. P.C. 1. Not on board. By consent, taken up for admission. 2. 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. 3.The ITAT in para 21 of its order has recorded a finding of fact that in the present case, the Assessee has disclosed all the material facts fully and truly while filing the return of income and that the Assessee had to add back the excise component in view of the amended sec.145A of the Income Tax Act, 1961 and therefore, the Asessee cannot be said to have furnished inaccurate particulars or concealed any income. 5.Since the requisite conditions for invoking Section 271(1)(c) of the Act have not been fulfilled, the decision of the ITAT deleting the penalty levied under Section 271(1)(c) cannot be faulted. Act have not been fulfilled, the decision of the ITAT deleting the penalty levied under Section 271(1)(c) cannot be faulted. 6.Appeal is accordingly dismissed. (J.P. DEVADHAR, J.) (K.K. TATED, J.)