The Commissioner Of Income Tax – I, Kolhapur v. Aqua Alloys Private Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.181 OF 2011 The Commissioner of Income Tax – I, Kolhapur..Appellant. Versus Aqua Alloys Private Limited ..Respondent. Mr.Vimal Gupta for the appellant.Mr.S.N. Inamdar, Senior Advocate with Mr.Mihir Naniwadekar for the respondent. CORAM : J.P. Devadhar &A.R. Joshi, JJ. P.C. : DATE : 17[th] January 2012 1.Whether the Income Tax Appellate Tribunal 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 assessment year involved herein is AY 2002-2003. 3.In the assessment year in question, the assessee had claimed deduction under Section 80IA of the Income Tax Act, 1961, which was disallowed by the Assessing Officer on the ground that the assessee was formed by reconstruction. Though the Income Tax Appellate Tribunal has upheld the dis-allowance of the claim, the Income Tax Appellate Tribunal has deleted the penalty on the ground that there was no concealment or furnishing inaccurate particulars. The decision of the Income Tax Appellate Tribunal is based on finding of facts and no question of law arises from the order of the Income Tax Appellate Tribunal. 4. The appeal is accordingly dismissed with no order as to costs. (A.R. Joshi, J.) (J.P. Devadhar, J.)