The Commissioner Of Income Tax – 8, Mumbai v. M/S.tara Jewels Export Private Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1490 OF 2012 The Commissioner of Income Tax – 8, Mumbai..Appellant. Versus M/s.Tara Jewels Export Private Limited ..Respondent. Mr.Arvind Pinto for the appellant.None for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 23[rd] January 2013 P.C. : 1.The basic issue which arises in this appeal is, whether the Tribunal was justified in deleting the penalty under Section 271(1)(c) of the Income Tax Act, 1961 by following the decision of the Apex court in the matter of Commissioner of Income Tax V/s. Reliance Petroproducts Chemicals Limited reported in 322 ITR 158. 2.The Tribunal has recorded a finding of fact that the respondent – assessee had not furnished inaccurate particulars or concealed any income so as to attract Section 271(1)(c) of the Act. The Tribunal followed the decision of the Apex court in the matter of Reliance Petroproducts Chemicals Limited (supra) that mere claim for deduction which was otherwise not granted would not warrant imposition of penalty under Section 271(1)(c) of the Act. Further the Tribunal has also recorded the fact that on merits the claim of the respondent – assessee had been remanded by a co-ordinate bench of the Tribunal and the same was pending adjudication before the assessing officer. 3.In view of the above, we see no reason to entertain the appeal. The appeal is accordingly dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)