2010 (11) TMI 955

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..... 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 ₹ 6,83,507 in violation of the bye-laws of the Stock Exchange. Briefly stated the facts of the case are that the asse .....

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..... ounts 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. AR has placed on record copies of such order in Goldcrest Cap .....

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