1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1322 OF 2009 The Commissioner of Income Tax – 18, Mumbai ..Appellant. Versus M/s.Associated Electrical Agencies ..Respondent. Ms.Devki Iyer for the appellant. None for the respondent. CORAM : V.C. DAGA & J.P. DEVADHAR, JJ. DATE : 21ST JULY, 2009. P.C. : 1. Heard learned counsel for the revenue. In view of the findings recorded in para 6 of the order of the tribunal, deletion of penalty is justified. The observations in para 6 are as under : “6. We have considered the submissions made by both the sides, material on record and Order of the Revenue Authorities. In respect of two disallowances relating to rate of depreciation, there remains no basis for levy of penalty as the Tribunal has accepted the claim of the assessee in this regard, hence penalty levied on such disallowances is quashed. As regards the other issue, we find that all the facts relating to loss on sale of delivery vans, were before the AO and loss has been rejected in view of the difference in legal interpretation of relevant provisions, hence penalty in respect of this disallowance, is also not leviable. The same is also, therefore, quashed.” 2. In the above view of the matter, we do not find any substantial question of law involved in this appeal. The appeal is accordingly dismissed with no order as to costs. (J.P. Devadhar, J.) (V.C. Daga, J.)