https://www.taxtmi.com/caselaws?id=240865 The Tribunal ruled in favor of the appellant, holding that the belief in treating the brokerage as a legitimate business expenditure was bona fide. The Tribunal found that all relevant particulars were provided with the return, and the genuineness of the transactions was not in doubt. Citing precedents such as Hindustan Steel Ltd. and Reliance Petro Products, the penalty under section 271(1)(c) was deleted, and the appellant's appeal was allowed. en-us Wed, 13 Feb 2013 00:00:00 +0530 Fri, 13 Dec 2013 07:12:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240865 The Tribunal ruled in favor of the appellant, holding that the belief in treating the brokerage as a legitimate business expenditure was bona fide. The Tribunal found that all relevant particulars were provided with the return, and the genuineness of the transactions was not in doubt. Citing precedents such as Hindustan Steel Ltd. and Reliance Petro Products, the penalty under section 271(1)(c) was deleted, and the appellant's appeal was allowed. Case-Laws Income Tax Wed, 13 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240865