JT.COMMR.OF INCOME TAX,SURAT vs. SAHELI LEASING & INDUSTRIES LTD

Appeals stand allowed as mentioned hereinabove but with

4 (a) to Section 271 (1) (c) (iii) to intend to levy penalty not only in a case where after addition of concealed income, a loss returned, after assessment becomes positive income, but also in a case where addition of concealed income reduces the returned loss and finally the assessed income is also a loss or minus figure. Therefore, even

K. KRISHNAMURTHY vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Appeal is disposed of with

Bench: HON'BLE MR. JUSTICE DIPANKAR DATTA

120 acres of land is registered in favour of the Society. 4.2. To procure lands for the Society, Mr. Hashim Moosa had entered into an MOU on 19-01-2009 with Mr. K. Krishna Murthy and P. Surendra Reddy for procuring lands @ Rs.70,00,000/- per acre. 4.3. Consequent to search action in your case, the assesse had admitted income