https://www.taxtmi.com/caselaws?id=59575 The Tribunal allowed the appeals, canceling the penalty imposed by the lower authorities for all three assessment years. The Tribunal found no concrete evidence of concealed income or inaccurate particulars, noting the lack of direct evidence for hawala transactions and accepting the sales and purchases shown in the accounts. The Tribunal rejected the AO's estimation based on commission rates and expenses claimed in the P&L account. en-us Fri, 26 Jun 2009 00:00:00 +0530 Thu, 30 Dec 2010 17:33:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59575 The Tribunal allowed the appeals, canceling the penalty imposed by the lower authorities for all three assessment years. The Tribunal found no concrete evidence of concealed income or inaccurate particulars, noting the lack of direct evidence for hawala transactions and accepting the sales and purchases shown in the accounts. The Tribunal rejected the AO's estimation based on commission rates and expenses claimed in the P&L account. Case-Laws Income Tax Fri, 26 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59575