2019 (2) TMI 127

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.... filed by the Revenue under Section 260-A of the Income Tax Act, 1961 against the order dated 05.03.2018 passed by the Income Tax Appellate Tribunal, Madras "C" Bench in I.T.A.No.2987/MDS/2017 for the assessment years 2008-09, raising the following substantial questions of law: "i. Whether the Tribunal was right in setting aside the order of penalty issued under Section 271(1)(c) especially when....

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.... Division Bench after analysing the subject in an elaborate manner and relating to several decisions of the Hon'ble Supreme Court held that merely because the assessee agreed for addition and accordingly, assessment order was passed on the basis of addition and when the assessee paid the tax and the interest thereof in the absence of any material on record to show the concealment of income, it....