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2010 (11) TMI 955
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....hakkar ORDER Per R.S.Syal, AM : This appeal by the Revenue is directed against the order passed by the Commissioner of Income-tax (Appeals) on 18.10.2009, in relation to the assessment year 2007-2008. 2. The only issue in this appeal is against the deletion of addition made on account of penalty paid to Stock Exchange amounting to Rs. 6,83,507 in violation of the bye-laws of the Stock ....
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....ivery, margin violation fees. From the very nature of the amounts paid it is palpable that there is no infraction of law by the assessee as contemplated in Explanation to sec. 37(1). It is only a case of certain irregularities committed while carrying on the business in normal course. Various benches of the tribunal have consistently taken view in assessee's favour in such circumstances. The ld. A....