:1: bgp bgp bgp IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME INCOME INCOME TAX APPEAL NO.901 OF 2008 TAX APPEAL NO.901 OF 2008 TAX APPEAL NO.901 OF 2008 The Commissioner of Income Tax, ..Appellant Vs. M/s.Piramal Finance & Investment Pvt.Ltd...Respondent Mr.Suresh Kumar for the Appellant. Mr.A.K.Jasani for the Respondent. CORAM CORAM CORAM :- DR.S.RADHAKRISHNAN & :- DR.S.RADHAKRISHNAN & :- DR.S.RADHAKRISHNAN & S.J.KATHAWALLA, S.J.KATHAWALLA, S.J.KATHAWALLA, JJ. JJ. JJ. DATE DATE DATE : 23RD SEPTEMBER, 2008 : 23RD SEPTEMBER, 2008 : 23RD SEPTEMBER, 2008 P.C. P.C. P.C. . Heard the learned Counsel for the parties. In the above, the following substantial question of law is sought to be raised: Whether on the facts and in the circumstances of the case and in law, the learned Hon’ble Tribunal was justified in deleting the penalty under Section 271(1)(c) on the ground that the loss to loss case, no penalty can be levied levied subsequent to insertion of explanation 4 of clause (e) to sub-section (1) of Section 271? 2. Both the learned Counsel for the parties categorically state, that in view of the recent judgment of the Hon’ble Supreme Court in the case of Commissioner Commissioner Commissioner of Income Tax Vs. Gold Coin Health Food of Income Tax Vs. Gold Coin Health Food of Income Tax Vs. Gold Coin Health Food Pvt.Ltd. Pvt.Ltd. Pvt.Ltd. (2008) 304 ITR 308 (SC) (2008) 304 ITR 308 (SC) (2008) 304 ITR 308 (SC), the legal position has now been settled with regard to the levy of penalty. However, since the Tribunal has disposed of :2: the above matter only on the basis of law and not on the factual aspect, we set aside the aforesaid order dated 13th September,2006 and remand back the matter to the Tribunal to decide on the facts whether in the case of the Assessee, penalty should be levied or not. The Appeal stands disposed of accordingly. (S.J.KATHAWALLA,J.) (S.J.KATHAWALLA,J.) (S.J.KATHAWALLA,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.)