IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME TAX APPLICATION NO.93 OF 1999 INCOME TAX APPLICATION NO.93 OF 1999 INCOME TAX APPLICATION NO.93 OF 1999 The Commissioner of Income tax ..Petitioner. V/s. M/s.Premchand Somchand Shah ..Respondent. Mr.P.S.Sahadevan for petitioner. None for respondent. CORAM : DR. S.RADHAKRISHNAN AND CORAM : DR. S.RADHAKRISHNAN AND CORAM : DR. S.RADHAKRISHNAN AND J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. DATED : 6TH MARCH, 2007. DATED : 6TH MARCH, 2007. DATED : 6TH MARCH, 2007. ORAL JUDGMENT (PER DR.S.RADHAKRISHNAN, J.) ORAL JUDGMENT (PER DR.S.RADHAKRISHNAN, J.) ORAL JUDGMENT (PER DR.S.RADHAKRISHNAN, J.) . Heard learned counsel for the petitioner. The above application was admitted on the following question of law:- "Whether on the facts and in the circumstances of the case, the ITAT was right in upholding the order of CIT(A) cancelling the penalty u/s.271(1) (c) of Rs.1,09,300/- for the A.Y. 1977-78 ?" 2. The above application pertains to assessment year 1977-78. 3. The amount of penalty involved in the application is Rs.1,09,300/-. In view of the Revenue Circular dated 27th March, 2000 the tax liability is less than Rs.2 lakhs. Hence Rules stands discharged. 4. Application is disposed of. (DR.S.RADHAKRISHNAN, J.) (DR.S.RADHAKRISHNAN, J.) (DR.S.RADHAKRISHNAN, J.) (J.P. DEVADHAR, J.) (J.P. DEVADHAR, J.) (J.P. DEVADHAR, J.)