1 ITXA6061-10.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ttm INCOME TAX APPEAL NO.6061 OF 2010 The Commissioner of Income Tax-8 .. Appellant Vs. M/s.Castrol India Ltd. .. Respondent. Mr.Suresh Kumar for the appellant Mr.V. Murlidhar i/b Mr.Atul Jasani for the respondent CORAM : J.P. DEVADHAR & K.K. TATED, JJ. DATE : 12TH OCTOBER, 2011. P.C. 1. Whether the ITAT was justified in deleting the penalty levied u/s. 271(1)(c) of the Income Tax Act, 1961 is the question raised in this appeal. 2. In the assessment year in question, the inadmissible claim made by the assessee was disallowed and for making inadmissible claim, penalty under section 271(1)(c) of the Act was imposed. 3. While deleting the penalty, the Tribunal has recorded a finding that if the assessee bonafide believes that a particular claim is allowable, then it would not amount to concealing the income or furnishing inaccurate particulars of income and in such a case, penalty cannot be imposed. 4. We see no error in the aforesaid order of the ITAT. The appeal is accordingly dismissed. (K.K. TATED, J.) (J.P. DEVADHAR, J.)