https://www.taxtmi.com/caselaws?id=784153 Payments made to a stock exchange for shortfall in margin money were treated as a business outgo and not as an expenditure hit by section 37(1). The Tribunal followed the settled view that such a levy was imposed for breach of exchange regulations, but it was not shown to be for an offence or prohibited by law, so the proviso and explanation to section 37(1) did not apply. On that basis, the disallowance was unsustainable and the deduction was allowed in favour of the assessee. en-us Fri, 24 Oct 2025 00:00:00 +0530 Tue, 30 Dec 2025 09:27:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784153 Payments made to a stock exchange for shortfall in margin money were treated as a business outgo and not as an expenditure hit by section 37(1). The Tribunal followed the settled view that such a levy was imposed for breach of exchange regulations, but it was not shown to be for an offence or prohibited by law, so the proviso and explanation to section 37(1) did not apply. On that basis, the disallowance was unsustainable and the deduction was allowed in favour of the assessee. Case-Laws Income Tax Fri, 24 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784153