1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1507 OF 2009 The Commissioner of Income Tax – 4, Mumbai ..Appellant. Versus M/s.Jhunjhunwala Stock Brokers Private Limited ..Respondent. Mr.Vimal Gupta with Mr.Suresh Kumar for the appellant. None for the respondent. CORAM : V.C. DAGA & J.P. DEVADHAR, JJ. DATE : 24th AUGUST 2009 P.C. : 1. The issue raised in this appeal revolves around penalty levied under Section 271(1)(c) of the Income Tax Act, 1961. Even assuming that the appeal against the quantum addition is pending, still that will not make any difference, because even on merits following the Judgment of this Court in the case of Commissioner of Income Tax V/s. Walfort Share and Stock Brokers P.Ltd. reported in [2009] 310 I.T.R. 421, penalty could not have been imposed. 2. In this view of the matter, the appeal is dismissed for want of substantial question of law with no order as to costs. (J.P. Devadhar, J.) (V.C. Daga, J.)