The Income Tax Commissioner, Central-Iv v. M/S Shreya Life Science Pvt.ltd

IN THE HIGH COURT OF JDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 3317 OF 2010 The Income Tax Commissioner, Central-IV ...Appellant.Vs.M/s Shreya Life Science Pvt.Ltd...Respondent Mr. Vimal Gupta for the Appellant. Mr. Satish Mody with Aasifa Khan for the Respondent. CORAM : J.P. DEVADHAR AND A.A. SAYED, JJ. DATE : 2ND AUGUST, 2011. P.C. 1.Whether 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 ITAT in para 5 of its judgment has recorded a finding of the fact that merely because the assessee has claimed deduction which is rejected by the Assessing Officer and the appellate authorities it cannot be said that the assessee has furnished inaccurate particulars. The Tribunal has recorded the findings of fact that the claim as made by the assessee was plausible claim. In these circumstances, no fault can be found with the decision of the Tribunal and therefore, the appeal is dismissed with no order as to costs. ( A.A. SAYED, J. ) ( J.P. DEVADHAR , J.)