The Commissioner Of Income Tax v. M/S.piramal Finance & Investment Pvt.ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.901 OF 2008 The Commissioner of Income Tax, Vs. M/s.Piramal Finance & Investment Pvt.Ltd...Respondent ..Appellant Mr.Suresh Kumar for the Appellant.Mr.A.K.Jasani for the Respondent. P.C. CORAM :- DR.S.RADHAKRISHNAN &S.J.KATHAWALLA, JJ. DATE : 23RD SEPTEMBER, 2008 .Heard the learned Counsel for the parties. In the above, the following substantial question of law is sought to be raised: Whether on the facts and in the circumstancesof the case and in law, the learned Hon’bleTribunal was justified in deleting the penaltyunder Section 271(1)(c) on the ground that theloss to loss case, no penalty can be leviedlevied subsequent to insertion of explanation4 of clause (e) to sub-section (1) of Section271? 2.Both the learned Counsel for the parties categorically state, that in view of the recentjudgment of the Hon’ble Supreme Court in the case ofCommissioner of Income Tax Vs. Gold Coin Health FoodPvt.Ltd. , (2008) 304 ITR 308 (SC)the legal positionhas now been settled with regard to the levy ofpenalty. However, since the Tribunal has disposed of :2: the above matter only on the basis of law and not onthe factual aspect, we set aside the aforesaid orderdated 13th September,2006 and remand back the matterto the Tribunal to decide on the facts whether in the case of the Assessee, penalty should be levied or not. The Appeal stands disposed of accordingly. (S.J.KATHAWALLA,J.) (DR.S.RADHAKRISHNAN,J.)