The Director Of Income Tax v. M/S.donyi Polo Petrochemicals Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.2309 OF 2007 INCOME TAX APPEAL (L) NO.2309 OF 2007 The Director of Income Tax .. Appellant Vs. M/s.Donyi Polo Petrochemicals Ltd. .. Respondent Mr.Parag Vyas with Mr.N.D.Sharma i/by Mr.P.S.Sahadevan for the Appellant. None for the Respondent. CORAM :- DR.S.RADHAKRISHNAN & V.C.DAGA, JJ.DATE : 21st October, 2008 CORAM :- DR.S.RADHAKRISHNAN & V.C.DAGA, JJ. DATE : 21st October, 2008 P.C. P.C. 1. Heard the learned Counsel for the Appellant. By this Appeal the Appellant is seeking to raise the folllowing substantial question of law:- "Whether on the facts and in the circumstances of the case, the Hon’ble Tribunal was right in deleting the penalty u/s.271(1)(c) amounting to Rs.5,85,960/- imposed by the Assessing Officer on the assessee for furnishing inaccurate particulars of its income, especially when the addition made to the total income has been confirmed by the CIT (A) which was not contested further by the Assessee?" 2. Perused the order of the ITAT dated 1st September, 2006, whereby, the Tribunal has categorically given a finding that the conduct of the Assessee was bonafide and there was no material before them to take adverse inference against the Assessee and that the Assessee was not guilty of any concealment of income and filing of inaccurate particulars, and as such, the Tribunal has come to the conclusion that the Revenue had failed to establish the charge & levying of penalty under section 271 (1) (c) of the Income Tax Act. In view of the aforesaid finding of fact there is no substantial question of law involved in this Appeal. Hence, the Appeal stands dismissed. (V.C.DAGA,J.) (DR.S.RADHAKRISHNAN,J.) (V.C.DAGA,J.) (DR.S.RADHAKRISHNAN,J.) (V.C.DAGA,J.) (DR.S.RADHAKRISHNAN,J.)