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Penalty for Violating Stock Exchange Bye-Laws Not an Offence; Section 37 Explanation Misapplied in Disallowing Payments.
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....Disallowance of penalty for violation of the bye-laws of the Stock exchange - payment made for violation of their regulation are not on account of an offence or which is prohibited by law and the invocation of explanation to Sec. 37 of the I.T. Act 1961 is not justified - AT....
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