https://www.taxtmi.com/caselaws?id=184994 The Tribunal ruled in favor of the assessee regarding the disallowance under sec. 40(a)(ia) of the I T Act, upholding the CIT(A)'s order based on a CBDT circular and a decision by a coordinate Bench. Additionally, the Tribunal dismissed the revenue's claim for disallowance of penalty for violating stock exchange bye-laws, stating that penalties for such violations do not constitute payments for infractions of law. The judgment underscores the distinction between reimbursement of actual expenses and penalties for statutory violations, emphasizing adherence to legal principles and precedents established by the Jurisdictional High Court. en-us Fri, 30 Dec 2011 00:00:00 +0530 Wed, 23 Aug 2017 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184994 The Tribunal ruled in favor of the assessee regarding the disallowance under sec. 40(a)(ia) of the I T Act, upholding the CIT(A)'s order based on a CBDT circular and a decision by a coordinate Bench. Additionally, the Tribunal dismissed the revenue's claim for disallowance of penalty for violating stock exchange bye-laws, stating that penalties for such violations do not constitute payments for infractions of law. The judgment underscores the distinction between reimbursement of actual expenses and penalties for statutory violations, emphasizing adherence to legal principles and precedents established by the Jurisdictional High Court. Case-Laws Income Tax Fri, 30 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184994