https://www.taxtmi.com/caselaws?id=62329 The Tribunal ruled in favor of the assessee, deciding that the income from M/s. Archana Jewellery should not be included in the assessee's hands for the assessment years 1986-87 to 1988-89. The Tribunal also upheld the deletion of penalties under section 271(1)(c) for the assessment years 1979-80 and 1980-81, as the revenue failed to prove intentional income suppression by the assessee. The decision was based on the lack of conclusive evidence establishing ownership of M/s. Archana Jewellery by the assessee and the plausible explanations provided by the assessee in the penalty proceedings. en-us Wed, 08 Aug 2007 00:00:00 +0530 Wed, 12 Jun 2013 14:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62329 The Tribunal ruled in favor of the assessee, deciding that the income from M/s. Archana Jewellery should not be included in the assessee's hands for the assessment years 1986-87 to 1988-89. The Tribunal also upheld the deletion of penalties under section 271(1)(c) for the assessment years 1979-80 and 1980-81, as the revenue failed to prove intentional income suppression by the assessee. The decision was based on the lack of conclusive evidence establishing ownership of M/s. Archana Jewellery by the assessee and the plausible explanations provided by the assessee in the penalty proceedings. Case-Laws Income Tax Wed, 08 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62329