https://www.taxtmi.com/caselaws?id=55319 The tribunal upheld the cancellation of a penalty under section 271B for the assessment year 1991-92. It was determined that transactions conducted by a sharebroker on behalf of clients should not be included in the total turnover for audit purposes under section 44AB. The tribunal emphasized the distinction between a broker's role as an agent and the turnover generated, referencing relevant court decisions and tax authorities' guidelines. The decision highlighted that the broker's commission income does not constitute turnover, leading to the dismissal of the revenue's appeal and affirming the penalty cancellation. en-us Fri, 22 Mar 2002 00:00:00 +0530 Thu, 25 Nov 2010 14:39:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55319 The tribunal upheld the cancellation of a penalty under section 271B for the assessment year 1991-92. It was determined that transactions conducted by a sharebroker on behalf of clients should not be included in the total turnover for audit purposes under section 44AB. The tribunal emphasized the distinction between a broker's role as an agent and the turnover generated, referencing relevant court decisions and tax authorities' guidelines. The decision highlighted that the broker's commission income does not constitute turnover, leading to the dismissal of the revenue's appeal and affirming the penalty cancellation. Case-Laws Income Tax Fri, 22 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55319