TMI Blog2019 (9) TMI 355X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of the low tax effect. - Tax Case Appeal Nos.548 & 549 of 2010 - - - Dated:- 19-8-2019 - Mr.Justice T.S. Sivagnanam And Mrs.Justice V. Bhavani Subbaroyan For the Appellant : Mr.T.R.Senthilkumar, SSC assisted by Ms.K.G.Usharani, SC For the Respondent : Mr.Venkata Narayanan for M/s.Subbaraya Aiyer Padmanabhan COMMON JUDGMENT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase, the Income Tax Appellate Tribunal was right in canceling the penalty of ₹ 4,48,480/- and ₹ 4,89,540/- respectively levied under Section 271(1)(c) of the Income Tax Act, 1961 based on the incriminating evidence found during the search conducted in the premises of the assessee under Section 132 of the Act in the form of accounts maintained in the tally accounting package ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prove the concealment disregarding the several judicial rulings on this issue like the Madras High Court's decision in 271 ITR 286? 4. The learned Senior Standing Counsel for the appellant submits that the above appeals are not pursued by the Revenue on account of the low tax effect in terms of Circular No.17/2019 dated 08.8.2019 issued by the Central Board of Direct Taxes. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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