The Commissioner Of Income Tax v. M/S.far Holdings Pvt. Ltd

bgp IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L)NO.1951 OF 2009 The Commissioner of Income Tax Vs.M/s.Far Holdings Pvt. Ltd. ..Appellant ..Respondent Mrs.Padma Divakar for appellant. CORAM :- V.C.DAGA &J.P.DEVADHAR,JJ. 11TH AUGUST, 2009 DATE : P.C. 1.Heard learned Counsel for the appellant. Office objections are overruled. Registry is directed to register the appeal. At the request of learned Counsel for appellant appeal is taken up for hearing on admission. 2.The question sought to be raised in the appeal revolves around deletion of penalty levied u/s.271(1)(c) of the I.T.Act. The Tribunal has a taken view that merely because the parties failed to appear before the Assessing Officer in response to the summons issued to the parties, does not conclude that the transactions are not genuine. As a matter of fact, it appears that there was a dispute between the parties. Consequently, the assessee could not produce the parties when the summons were issued. The explanation offered by the assessee being bonafide, was accepted by the Tribunal and has taken a view that the assessee could not be held to have concealed the particulars of his income or furnished inaccurate particulars of income. The view taken by the Tribunal is a reasonable and possible view. No fault can be found with the same. In this view of the matter, the appeal is dismissed for want of substantial question of law with no order as to costs. (J.P.DEVADHAR,J.) (V.C.DAGA,J.)