2001 (3) TMI 231

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....ce of penalty under s. 271B has been opposed. 2. The assessee-firm derives income as share-broker and gets commission ranging from 2 per cent to 3 per cent from the persons who place orders either for purchase or sale of shares through the assessee. It deals in purchase and sale of shares on its own account also. The total commission received for the assessment year under appeal was to the tune o....

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.... Department was of the view that the assessee would come within the ambit of s. 44AB of the Act, it would have treated the return as defective. However, the AO did not agree with the explanation of the assessee and imposed a penalty which was confirmed by the CIT(A). 3. It was pointed out by the assessee before us that similar issue has been decided in favour of the assessee in ITA No. 509/Ahd/19....