1 itxa3715-09 sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.3715 OF 2009 The Commissioner of Income Tax ..Appellant. V/s. Mr. Manoj Wadhwa ..Respondent. Mr. P.S. Sahadevan i/b. Anamika Malhotra for appellant. Mr. Porus Kaka i/b. A.K. Jasani for respondent. CORAM : J.P. DEVADHAR AND R.M. SAVANT, JJ. DATED : 15TH NOVEMBER, 2010 P.C. :- 1. Heard counsel on both the sides. A short question raised in this appeal is, as to whether the Tribunal was justified in deleting the levy of penalty levied under Section 271(1)(c) of the Income Tax Act. 2. We have gone through the order of the Tribunal. The findings of fact recorded by the Tribunal is that the assessee had a bonafide belief that Section 2(22)(e) is not applicable and that the assessee has shown reasonable cause as to why penalty should not be levied. The findings of fact recorded by the Tribunal does not give rise to any substantial question of law. The appeal is, therefore, dismissed with no order as to costs. (R.M. SAVANT, J.) (J.P. DEVADHAR, J.)