https://www.taxtmi.com/caselaws?id=176915 The appeal was filed by the Revenue against the deletion of the addition of penalty paid to Stock Exchange amounting to Rs. 6,83,507 for the assessment year 2007-2008. The Assessing Officer disallowed the amount under Explanation to section 37(1), but it was deleted in the first appeal. The Tribunal upheld the deletion of the addition, noting that the penalty was for irregularities in trading activities and not a violation of the law as per Explanation to sec. 37(1). Previous tribunal decisions supported the assessee's position. The appeal was dismissed. en-us Thu, 04 Nov 2010 00:00:00 +0530 Thu, 31 Dec 2015 11:50:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176915 The appeal was filed by the Revenue against the deletion of the addition of penalty paid to Stock Exchange amounting to Rs. 6,83,507 for the assessment year 2007-2008. The Assessing Officer disallowed the amount under Explanation to section 37(1), but it was deleted in the first appeal. The Tribunal upheld the deletion of the addition, noting that the penalty was for irregularities in trading activities and not a violation of the law as per Explanation to sec. 37(1). Previous tribunal decisions supported the assessee's position. The appeal was dismissed. Case-Laws Income Tax Thu, 04 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176915