https://www.taxtmi.com/caselaws?id=177013 The Tribunal upheld the CIT(A)'s decision to allow penalties paid to stock exchanges as routine business expenses, dismissing the Revenue's argument that they were penal in nature. The Tribunal directed a reconsideration of the treatment of sundry balances written off, emphasizing the need for a fresh assessment based on the nature of the differences. Additionally, the Tribunal upheld the deletion of the disallowance of long-term capital loss on redemption of preference shares, allowing indexation based on past decisions. The appeal was partly allowed for statistical purposes in one case and dismissed in the other. en-us Fri, 14 May 2010 00:00:00 +0530 Fri, 01 Jan 2016 15:09:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177013 The Tribunal upheld the CIT(A)'s decision to allow penalties paid to stock exchanges as routine business expenses, dismissing the Revenue's argument that they were penal in nature. The Tribunal directed a reconsideration of the treatment of sundry balances written off, emphasizing the need for a fresh assessment based on the nature of the differences. Additionally, the Tribunal upheld the deletion of the disallowance of long-term capital loss on redemption of preference shares, allowing indexation based on past decisions. The appeal was partly allowed for statistical purposes in one case and dismissed in the other. Case-Laws Income Tax Fri, 14 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177013