https://www.taxtmi.com/caselaws?id=386762 The ITAT held that the penalty under Section 271(1)(c) of the Income Tax Act was not justified due to significant variations in the estimation of the commission rate for accommodation entries. The appeals by the assessee were allowed, setting aside the CIT(A)'s order. The ITAT emphasized that the commission rate for bogus transactions cannot be determined by a fixed rule and adopted a 1% rate for all types of bogus transactions. en-us Wed, 25 Sep 2019 00:00:00 +0530 Mon, 07 Oct 2019 22:05:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386762 The ITAT held that the penalty under Section 271(1)(c) of the Income Tax Act was not justified due to significant variations in the estimation of the commission rate for accommodation entries. The appeals by the assessee were allowed, setting aside the CIT(A)'s order. The ITAT emphasized that the commission rate for bogus transactions cannot be determined by a fixed rule and adopted a 1% rate for all types of bogus transactions. Case-Laws Income Tax Wed, 25 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386762