https://www.taxtmi.com/caselaws?id=233696 The Tribunal upheld the deletion of penalties by the CIT(Appeals) under section 271(1)(c) of the Income-tax Act, 1961. The penalties were deemed inappropriate as the additions were based on the conduct of brokers and improbability of transactions rather than concrete evidence of concealment or furnishing inaccurate particulars. The appeals by the revenue were dismissed. en-us Tue, 30 Apr 2013 00:00:00 +0530 Sat, 11 May 2013 19:46:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233696 The Tribunal upheld the deletion of penalties by the CIT(Appeals) under section 271(1)(c) of the Income-tax Act, 1961. The penalties were deemed inappropriate as the additions were based on the conduct of brokers and improbability of transactions rather than concrete evidence of concealment or furnishing inaccurate particulars. The appeals by the revenue were dismissed. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233696