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TMI Blog2010 (1) TMI 874X X X X Extracts X X X X X X X X Extracts X X X X ..... ock Exchange for short comings in margin money cannot be held to be that which is levied for infringement of law and hence cannot be deleted, appeal of the Revenue is allowed in part. X X X X Extracts X X X X X X X X Extracts X X X X ..... peculative business of Rs.4,78,85,319/- as the same is incurred for the speculative activities which do not for part of the assessee's business carried out during the year. 5. On the facts and in the circumstances of the case, the Ld. CIT(A) erred in allowing the penalty of Rs.260858/- levied by Stock exchange. The Ld. CIT(A) failed to appreciate that the penalty levied by Stock exchange is for the offence for violation of law. 6. On the facts and circumstances of the case, the impugned order of the Ld. CIT(A) is contrary to law and consequently merits to be set aside and that of the Assessing Officer be restored. 3. We have heard Mr. N.K. Balodia, the learned DR and Shri R.R. Vora, learned counsel for the assessee. 4. On a careful cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 1 to 3 of the Revenue are allowed. 6. Ground No. 4 is on disallowance of proportionate expenditure from regular business income and adding the same to speculation loss for the purpose of quantification of speculation loss. 6.1 Both the parties submitted that the first appellate authority has called for a remand report and the Dy.CIT-4(1) in his remand report dated 18-12-2008, submitted to the CIT(Appeals)-IV, at par 2.3 has come to a conclusion that the disallowance comes to Rs.1,03,17,491/- as against the assessee's claim of Rs.97,12,387/-. As this working of allocation of expenditure to the derivative transaction is approved by the AO himself in the remand report, we set aside this ground to the file of the AO with a direction to ado ..... X X X X Extracts X X X X X X X X Extracts X X X X
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