#conflict

My 7yo and 5yo sons have nasty fights. What is the best way to handle them?

My 7yo and 5yo sons play well most of the time but continue to get into nasty fights over silly things and I see a lot of anger coming from both of them when the other does something annoying.
Should I punish the one that hits by placing them in time-out or taking away a benefit like no tv later etc?