https://www.taxtmi.com/caselaws?id=215270 The Tribunal dismissed the Revenue's appeal and upheld the deletion of the penalty under section 271(1)(c) for disallowance of short term capital loss in a sham transaction of purchase and sale of shares. It was found that the transactions were genuine, especially those conducted through a specific broker, as confirmed in a separate quantum appeal. The Tribunal emphasized the distinction between assessment and penalty proceedings, citing the principles laid down in the Reliance Petroproduct case, ultimately finding no fault in the Commissioner's decision to delete the penalty. en-us Thu, 07 Jun 2012 00:00:00 +0530 Thu, 12 Jul 2012 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215270 The Tribunal dismissed the Revenue's appeal and upheld the deletion of the penalty under section 271(1)(c) for disallowance of short term capital loss in a sham transaction of purchase and sale of shares. It was found that the transactions were genuine, especially those conducted through a specific broker, as confirmed in a separate quantum appeal. The Tribunal emphasized the distinction between assessment and penalty proceedings, citing the principles laid down in the Reliance Petroproduct case, ultimately finding no fault in the Commissioner's decision to delete the penalty. Case-Laws Income Tax Thu, 07 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215270