2020 (10) TMI 296

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..... because it is lawful to do. Considering the smallness of the amount involved, we consider it expedient to give benefit of doubt to the assessee owing to mitigating circumstances viz; the absence of copy of statement of Mr. Mukesh Chokshi or any other substantive material. The assessee has supported the face value of transactions with bills and payments. In the backdrop of ambiguity in circumstance .....

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..... d/2018 for the A.Y. 2006-07. The Revenue has proposed the following question of law for the consideration of this Court; Whether the Appellate Tribunal was correct in law and on facts in deleting the penalty of ₹ 50,330/- levied under section 27(1)(c) on bogus LTCG claim of the assessee on transaction in penny stocks of Mukesh Choksi Group of accommodation entry providers? 2. The A .....

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..... o. Considering the smallness of the amount involved, we consider it expedient to give benefit of doubt to the assessee owing to mitigating circumstances viz; the absence of copy of statement of Mr. Mukesh Chokshi or any other substantive material. The assessee has supported the face value of transactions with bills and payments. In the backdrop of ambiguity in circumstances, it is difficult to hol .....

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