The Commissioner Of Income Tax v. M/S.shah Brothers

(-1-) MGN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.482 OF 2001 The Commissioner of Income Tax...Appellant Vs. M/s.Shah Brothers...............Respondents Mr. P.S.Sahadevan, for the Appellant. Mr. S.N. Inamdar with Mr. A.K. Jasani, for the respondents. CORAM: F.I.REBELLO&R.S.MOHITE,JJ.DATED: 11TH FEBRUARY,2008 CORAM: F.I. R.S.MOHITE,JJ. DATED: 11TH FEBRUARY,2008 P.C.: P.C.: . The Tribunal relied on the judgment of this Court in CIT vs. Bhimji Bhanjee & Co. 146 ITR 145 to hold that the admission of income of assessee cannot be equated to admission of concealment of income for levy of penalty. The Tribunal found that in the instant case there was no conscious concealment based on the facts before it. Learned Counsel for the Respondent points out that in similar situation the Supreme Court did not interfere with the exercise of discretion by this Court in Commissioner of Income-Tax vs. Suresh Commissioner of Income-Tax vs. SureshChandra Mittal, 251 ITR 9. Considering the finding Chandra Mittal, 251 ITR 9 of fact recorded by the Tribunal and the judgment of the Supreme Court in our opinion the question of law as framed would not arise and consequently Appeal dismissed. (-2-) (F.I.REBELLO, J.) (R.S.MOHITE, J.)(F.I.REBELLO, J.) (R.S.MOHITE, J.) (F.I.REBELLO, J.) (R.S.MOHITE, J.)