Dismissing the appeal of the revenue the court held that the observations of Supreme Court in Department’s Special Leave Petition that sum in question not income of assessee. Tribunal was right in upholding order of Commissioner (Appeals) deleting Penalty. (AY. 1991-92, 1992-93, 1993-94)
CIT v. T. Jayachandran (2021) 436 ITR 269/ 283 Taxman 435 (Mad.)(HC)
S. 271(1)(c) : Penalty-Concealment-Furnishing inaccurate particulars of income-Deletion of penalty is held to be justified.