Commissioner of Income Tax vs Mrs. Roshan D. Nariman

Heard learned Counsel for the parties.

By this application, the applicant is seeking reference regarding the following question of law:

Whether, on the facts and circumstances of the case, the Tribunal was right in law in deleting the penalty of Rs. 9,92,393 levied u/s 271(1)(c) of the Income Tax Act on the ground that the departmental authorities were not justified in levying the penalty ?

We have perused the order of the Tribunal. The Tribunal has clearly observed that the respondent-assessee has furnished the particulars of her income in Part IV of the return along with the legal opinion and in view of the decision of the Supreme Court in the case of Commissioner of Income Tax, West Bengal I, and Another Vs. Anwar Ali, , it is for the revenue to establish that the assessee has concealed income or furnished inaccurate particulars thereof, the Tribunal, therefore, declined to refer the proposed question. Even our High Court, in the case of Commissioner of Income Tax Vs. Lullabhai Hirabhai, , has also taken a similar view that when an assessee had disclosed the particulars of his income in Part IV of the return, there was no concealment. Hence, the penalty cannot be levied u/s 271(1)(c) of the Income Tax Act, 1961.

For the reasons aforesaid, we do not find any substantial question of law for being consideration of this Court. The application stands dismissed.