https://www.taxtmi.com/caselaws?id=288226 The Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal determined the commission income at 0.15% instead of the 2% applied by the AO and allowed 50% of the business expenses against this income. The decision was based on judicial precedence and statements recorded during the search, leading to the deletion of the penalty and allowing business expenses as per established practice. The appeal was allowed, and the penalty was directed to be deleted, setting aside the CIT(A)'s order. en-us Thu, 29 Dec 2016 00:00:00 +0530 Wed, 27 May 2020 10:44:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288226 The Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal determined the commission income at 0.15% instead of the 2% applied by the AO and allowed 50% of the business expenses against this income. The decision was based on judicial precedence and statements recorded during the search, leading to the deletion of the penalty and allowing business expenses as per established practice. The appeal was allowed, and the penalty was directed to be deleted, setting aside the CIT(A)'s order. Case-Laws Income Tax Thu, 29 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288226