1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2418 OF 2009 The Commissioner of Income Tax ..Appellant. V/s. M/s. Gem Plus Jewellery India Ltd. ..Respondent. Ms. Suchitra Kamble for appellant. Ms. A. Vissanji with S.J. Mehta for respondent. CORAM : DR. D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ. DATED : 22ND FEBRUARY, 2010 P.C. :- 1. The issue in the appeal relates to whether the Tribunal was justified in ordering the deletion of a penalty imposed against under Section 271(1)(c). At this stage, it may be noted that so far as the quantum appeal is concerned, the appeal (Income Tax Appeal No.1167 of 2009) of the Revenue is admitted on 10th August, 2009 on the following substantial question of law : “ Whether on the facts and in the circumstances of the case, the Tribunal was right in law in treating the interest income on fixed deposit receipt as business income as against income from ‘other sources’ ? “ 2. The fact that the assessee claimed interest income on the fixed deposits as a business income could not constitute a concealment of income within the meaning of section 271(1)(c). Consequently, the finding of the 2 Tribunal which is to the effect that it is only a case where the claim has been made by the assessee and all the details were on record, is sufficient to justify the deletion of the penalty. No substantial question of law is involved in the appeal and which is accordingly dismissed. (J.P.DEVADHAR, J.) (DR. D.Y.CHANDRACHUD, J.)