The Commissioner Of Income Tax – Ii, Kolhapur v. Ratnagiri Zilla Madyamik Adhyapak Sahakari Pat Pedhi Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.2944 OF 2009 The Commissioner of Income Tax – II, Kolhapur Versus Ratnagiri Zilla Madyamik Adhyapak Sahakari Pat Pedhi Limited ..Appellant. ..Respondent. None for the appellant.None for the respondent. P.C. : CORAM : Dr.D.Y. Chandrachud & J.P. Devadhar, JJ. DATE : 8[th] Ferbuary, 2010. 1.The office objections are waived. The registry is directed to register the appeal. 2.The Income Tax Appellate Tribunal has furnished cogent reasons for deleting the penalty imposed on the assessee under Section 271D of the Income Tax Act, 1961 for alleged contravention of Section 269SS. The assessee, as noted by the Tribunal, is a Credit Cooperative Society, which was carrying on its business in a mofussil area. The Tribunal relying upon its earlier decision has held that the assessee has held a bona fide though erroneous belief in regard to the inapplicability of the provisions of Section 269SS. 3.Having regard to the peculiar facts and circumstances as noted in the order of the Tribunal, we are of the view that no substantial question of law would arise in this appeal. The appeal is accordingly dismissed. There shall be no order as to costs. (Dr.D.Y. Chandrachud, J.)