INCOME-TAX OFFICER Vs. S M LAKSHMANA PILLAI

JUDGEMENT

(1.) This appeal is by the revenue and is against the order of the A. A. C. cancelling a penalty imposed under section 271(1) (c) of Rs. 13,909. The A. A. C. has written an elaborate order setting out in detail the facts and the law on the point. It is, therefore, superfluous for me to dwell in detail since the reasoning of the A. A. C. could not be assailed with reference to any interpretation of statutory provisions or otherwise by any argument on behalf of the Revenue.

(2.) Briefly put, the assessee sold jewellery as under :- <FRM>JUDGEMENT_70_LAWS(MAD)2_1990_1.html</FRM>

(3.) In the return filed, capital gains were neither shown nor any capital gain was brought to tax in the assessment of the year 1978-79.