Tax Audit Recommends Disallowing Non-Compliance Charges Paid to NSE; Assessee Can Justify u/s 37(1.

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....Disallowance of non-compliance charges amounting paid to National Stock Exchange - in the tax audit report, the auditor, in his own wisdom, has stated that this amount was liable to be disallowed and added back to the income of the assessee. In our considered opinion, interest of substantive justice would be met if the assessee is allowed an opportunity to explain and establish before the AO as to how these amounts do not fall within the mischief of section 37(1) - AT....