The Commissioner Of Income-Tax vs India House
2007 Latest Caselaw 390 Bom

JUDGMENT

J.P. Devadhar, J.

1. Heard Mr. Anand Parchure, learned Counsel for the applicant. None for the respondent, though duly served.

2. This reference application under Section 256(2) of the Income Tax Act, 1961 is filed by the Revenue against the order of the Tribunal dated 05/11/1993 in R.A. No. 357/Nag/93 declining to raise the following questions of law for the opinion of this Court:

(1) Whether on the facts and in the circumstances of the case the ITAT was justified in affirming the order of the CIT(A) in cancelling the penalty levied by the Assessing Officer under Section 271(1)(c) of the Act?

(2) Whether on the facts and in the circumstances of the case the ITAT was justified in upholding the order of the CIT(A) in cancelling the penalty levied by the Assessing Officer, that the Explanation 5 to Section 271(1)(c) of the Act is not applicable to this case?

(3) Whether on the facts and in the circumstances of the case, the ITAT was justified in holding that the facts of this case are similar to that involved in the case of M/s. Video Club Library?

3. The learned Counsel for the applicant fairly states that similar issues raised in Income Tax Application No. 97 of 1994 The CIT v. Ready made Bazar have been dismissed by us to day. For the reasons stated therein, the present application is also dismissed.

4. Rule is discharged. No order as to costs.