The Commissioner Of Income Tax-Iii, Pune v. Phaltan Traders Nagari Sahakaripat Sanstha Ltd
High Court
11 Jun 2010 In favour of: Assessee
Forum / Bench
High Court · newos
Parties
The Commissioner Of Income Tax-Iii, Pune v. Phaltan Traders Nagari Sahakaripat Sanstha Ltd
Date of order
11 Jun 2010
Assessment year(s)
—
Outcome
Dismissed
Case summary
In The Commissioner Of Income Tax-Iii, Pune v. Phaltan Traders Nagari Sahakaripat Sanstha Ltd, the High Court (2010) dismissed the appeal. The decision went in favour of the assessee.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
Sections referenced in this judgment
The order — as passed by the High Court
IN THE HIGH COURT OF JUDICATURE AT BOMBAYO. O. C. J.
INCOME TAX APPEAL NO.3031 OF 2009
The Commissioner of Income Tax-III, Pune. Vs.
...Appellant.
Phaltan Traders Nagari SahakariPat Sanstha Ltd....Respondent.
....
Mr.Vimal Gupta for the Appellant.None for the Respondent.
.....
CORAM : DR.D.Y.CHANDRACHUD AND
J.P.DEVADHAR, JJ.
June 11, 2010.
P.C. :
Both, the Commissioner (Appeals) and the Tribunal have concurrently held that no case has been made out for the imposition of a penalty under Section 271-D of the Income Tax Act, 1961. The Tribunal has held where the transaction is genuine and bonafide and that the violation of the provisions of Section 269-SS is inadvertent, as in this case, the discretionary power in the matter of the imposition of a penalty has to be exercised so as to delete the imposition of the penalty by the Assessing Officer. The reasoning of the Tribunal does not suffer from any perversity or
error. No substantial question of law arises. The appeal is dismissed.
( Dr.D.Y.Chandrachud, J.)
( J.P.Devadhar, J.)
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