1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL (L) NO.3050 OF 2009 The Commissioner of Income Tax-4. ...Appellant. Vs. M/s.Renaissance Securities Ltd. ...Respondent. .... Mr.Vimal Gupta for the Appellant. None for the Respondent. ..... CORAM : DR.D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ. June 21, 2010. P.C. : The Tribunal has furnished valid reasons for justifying the deletion of a penalty under Section 271(1)(c) of the Income Tax Act, 1961. The assessee’s claim of depreciation has been held to be bona fide and the Tribunal has confirmed the finding of the Commissioner (Appeals) that the assessee had not furnished inaccurate particulars, nor had he concealed particulars of income. We see no reason to take a different view. No substantial question of law is raised. The appeal stands dismissed. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)