The Commissioner Of Income Tax-Ltu v. M/S. S.i.group India Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 149 OF 2011 The Commissioner of Income Tax-LTU..Appellantversus M/s. S.I.Group India Ltd. ..Respondent -------- Mr. Vimal Gupta, Sr. Advocate i/b Mrs. Padma Diwakar for the Appellant. Mr. Sanjiv Shah for the Respondent. ............. CORAM : J.P. DEVADHAR & M.S.SANKLECHA, JJ. DATE : 16[th] October, 2012 P.C. : 1Whether the ITAT 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 penalty in the present case arises on account of disallowing the revenue expenditure claimed by the assessee. The finding of facts recorded by the ITAT is that the assessee has incurred the expenditure, however has wrongly claimed the expenditure as revenue expenditure. In the absence of any finding that there is any concealment of particulars of income or furnished inaccurate particulars of such income, the decision of ITAT in deleting the penalty under Section 271(1)(c) cannot be faulted. Accordingly, the appeal is dismissed with no order as to costs. (M.S. SANKLECHA, J.) (J.P.DEVADHAR, J.)