COMMISSIONER OF INCOME TAX Vs. NARAYANAN P K

JUDGEMENT

(1.) THESE are the two petitions for asst. yrs. 1979 80 and 1980 81 respectively brought before us by the Revenue under S. 256(2) of the IT Act, 1961.

(2.) WITH the help of the learned senior counsel for the Revenue we have been taken through not only all the three orders in the quantum proceedings, but also, equally well, equal number of orders in the present proceedings arising under S. 271(1)(c) of the Act relating to the question of penalty.

(3.) THE factual matrix barely necessary for the above purpose would show that the assessee appears to be a jack of many trades such as fishing probably dealing in the sale of fish and not in actual fishing as such Abkari business and what not jewellery also in combination.