Dismissing the appeal of the revenue the Court held that there was no deliberate suppression or concealment of income on assessee’s part, as she was under bona fide belief that advances received need not be shown as income in subjected assessment. When the advances received shown in the balance sheet annexed to the return on bonafide, the same is not construed as wilful concealment even if such advances were are not shown as income in IT return. Court also held that as regards TDS deducted but no prof was filed. Levy of penalty was held to be not justified. (AY. 2010-11)
CIT v. Trisha Krishnan. (2018) 170 DTR 209/ 95 Taxmann.com 105 (Mad)(HC) Editorial: SLP of revenue is dismissed , PCIT v. Trisha Krishnan ( 2019) 267 Taxman 394 (SC)
S. 271(1)(c) : Penalty–Concealment–Advance received not shown as income–Revised return filed showing advance as income– Deletion of penalty is held to be justified–TDS deducted but no prof was filed–Levy of penalty was held to be not justified.