1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.3031 OF 2009 The Commissioner of Income Tax-III, Pune. ...Appellant. Vs. Phaltan Traders Nagari Sahakari Pat Sanstha Ltd. ...Respondent. .... Mr.Vimal Gupta for the Appellant. None for the Respondent. ..... CORAM : DR.D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ. June 11, 2010. P.C. : Both, the Commissioner (Appeals) and the Tribunal have concurrently held that no case has been made out for the imposition of a penalty under Section 271-D of the Income Tax Act, 1961. The Tribunal has held where the transaction is genuine and bonafide and that the violation of the provisions of Section 269-SS is inadvertent, as in this case, the discretionary power in the matter of the imposition of a penalty has to be exercised so as to delete the imposition of the penalty by the Assessing Officer. The reasoning of the Tribunal does not suffer from any perversity or 2 error. No substantial question of law arises. The appeal is dismissed. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)