The Commissioner Of Income Tax-(Central) … v. M/S.sneh Builders…

bsb IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 218 OF 2012 The Commissioner of Income Tax-(Central) … Appellant v/s M/s.Sneh Builders… Respondent Mr.Vimal Gupta, learned senior counsel with Ms.Padma Divakar and Vipul Bajpayee for the appellant. Mr.V.S.Hadade for the respondent. CORAM: S.C. DHARMADHIKARI & G.S. KULKARNI, JJ. DATED : 30TH APRIL, 2014 P. C. : 1Having heard Mr.Vimal Gupta, the learned senior counsel appearing on behalf of the appellant and Mr.Hadade, the learned counsel appearing on behalf of the respondent assessee, we are of the opinion that the findings recorded by the Tribunal and on the point of penalty under Section 271D of the Income Tax Act, 1961 do not raise any substantial question of law. The Tribunal found that the penalty has been imposed on the presumption that against security of cheques of Rs.95,50,000/- the assessee must have taken equivalent amount of cash is not supported by any record. There is no concrete evidence that the amount was in fact received in cash by the assessee except the statement of one Mr.Shah. That is the statement of a third person and that cannot be accepted in preference to the explanation given or cause shown by the assessee. In given facts and circumstances, the cause shown was found to be reasonable and, therefore, the direction to impose penalty has been rightly deleted by the Commissioner of Income Tax (Appeals). That deletion has been upheld by the Tribunal. The concurrent finding of fact, therefore, cannot be said to be perverse or vitiated by any error of law apparent on the face of the record. The appeal is, therefore, dismissed. (G.S. KULKARNI, J.) (S.C.DHARMADHIKARI, J.)