https://www.taxtmi.com/caselaws?id=237098 The appeal regarding the quantum addition of Rs. 36,00,166/- as bogus brokerage/sale commission was dismissed. However, in the penalty appeal, the entire sustained penalty under Section 271(1)(c) of the Income Tax Act was deleted. The Tribunal found that the surrender made by the assessee was to avoid litigation and not an admission of concealment. The penalties on both the bogus brokerage/sale commission and unproved cash credits were deleted due to the assessee providing addresses of the parties and making a bonafide surrender. en-us Tue, 12 Feb 2013 00:00:00 +0530 Wed, 18 Sep 2013 07:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237098 The appeal regarding the quantum addition of Rs. 36,00,166/- as bogus brokerage/sale commission was dismissed. However, in the penalty appeal, the entire sustained penalty under Section 271(1)(c) of the Income Tax Act was deleted. The Tribunal found that the surrender made by the assessee was to avoid litigation and not an admission of concealment. The penalties on both the bogus brokerage/sale commission and unproved cash credits were deleted due to the assessee providing addresses of the parties and making a bonafide surrender. Case-Laws Income Tax Tue, 12 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237098