PRABHAKAR BHAIYAJI GHODE Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) HEARD the learned counsel for the respective parties.

(2.) THE issues raised in both these applications are common and, therefore, the same are heard together and disposed of by common order.

(3.) IT Appeal No. 17 of 1995 is filed by the assessee against the order of the Tribunal relating to the quantum addition sustained by the Tribunal. IT Appeal No. 84 of 1995 is filed by the Revenue against the order of the Tribunal deleting the penalty levied under s. 27(1)(c) of the IT Act, 1961.