2025 (12) TMI 1693

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.... For the Revenue : Sh. Om Prakash, Sr. DR ORDER PER YOGESH KUMAR, U.S. JM: The present appeal is filed by the Assessee against the order of the Commissioner of Income Tax, Appeal, ADDL/JCIT-1, Nashik (Ld. CIT(A) for short) order dated 17/12/2024 for Assessment Year 2023-24. 2. Brief facts of the case are that, an order u/s 143(1) of the Income Tax Act, 1961 ('Act' for short)....

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....be disallowed u/s 37 of the Act. The Ld. Counsel for the Assessee relied on plethora of judicial precedents in support of his submission and sought for allowing the Appeal. 4. Per contra, the Ld. Department's Representative submitted that the CPC, Bengaluru has rightly disallowed the penalty imposed by the stock exchange which being a 'penalty' which is breach of provisions of Section 37(1)....

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.... "B Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in deleting the additions made by the Assessing Officer under proviso to section 37(1) of the Income Tax Act, 1961 being penalty imposed by the National Stock Exchange on the Assessee? 2.............................................................. 3. As regards the second ques....