M/S CARONA LIMITED vs DEPUTY COMMISSIONER OF INCOME TAX,SPL. RANGE-29. MUMBAI.

Judgment text excerpt

Neeta Sawant IXTA-512-2003-FC IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 512 OF 2003 M/s. Carona Limited, A Public Limited Company, Incorporated under The Companies Act, 1956 Having its registered Office at New Udyaog Mandir Compound, Mogal Lain, Mahim (W.) Mumbai – 400 016. ….Appellant : Versus : 1. Deputy Commissioner of Income Tax Special range, 29, Mumbai Having his office at Aaykar Bhavan, M.K.Marg, Mumbai – 400 020. 2. Commissioner of Income Tax V, Having his office at Aayakar Bhavan, M. K. Marg, Mumbai – 400 020. 3. The Union of India Law Ministry, Aayakar Bhavan, 2nd Floor, M.K.Marg, Mumbai – 400 020. ….Respondents Ms. Aarti Sathe with Ms. Aasavari Kadam, for the Appellant. Ms. Shilpa Goel, for the Respondent. CORAM : ALOK ARADHE, CJ. & SANDEEP V. MARNE, J. Judgment Reserved On : 12 June 2025. Judgment Pronounced On : 20 June 2025. Page No.1 of 20 20 June 2025 Neeta Sawant IXTA-512-2003-FC JUDGMENT : (Per Sandeep V. Marne, J.) 1) This Appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the I.T. Act) has been filed by the Assessee which pertains to the Assessment Year 1984-85. The Appeal is directed against the order dated 23 December 2002 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the Tribunal) by which an order passed by the Commissioner of Income Tax (Appeals) has been set aside and the order passed by the Assessing Officer imposing penalty of Rs.12,82,700/- on the Assessee under Section 271C of the I.T. Act has been restored. 2) The facts giving rise to filing of the Appeal, briefly stated, are that the Assessee is engaged in the business of manufacture and sale of footwear. The Assessee had filed the return of income for the Assessment Year 19