The Commissioner Of Income-Tax -4 Mumbai v. M/S Brics Securities Ltd

Ladda IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL No. 6875 of 2010. The Commissioner of Income-tax -4 Mumbai ... Appellant. Versus M/s Brics Securities Ltd. ... Respondent. None for the appellant.Mr Sanjiv M. Shah for the respondent. CORAM : J.P. Devadhar & A.R. Joshi, JJ. DATE : 2 December, 2011. P.C. :- 1.None for the Appellant. 2.The question of law raised by the Revenue in this appeal reads thus :- “Whether on the facts and circumstances of the case and in law, the ITAT was right in deleting the addition made on account of penalty of Rs.13,13,787/- paid by the Assessee to Share Holding Corporation Ltd, BSE and NSCCI on violation of the bye-laws of the Stock Exchange?” 3. This Court in the case of CIT vs. M/s Stock and Bond Trading Co. in Tax Appeal No. 4117/10 decided on 14.10.2011 has held that the payments Ladda made by the Assessee to the Stock Exchange for violation of their regulation cannot be said to be an offence or which is prohibited by law. In this view of the matter, no fault can be found with the decision of the ITAT. Accordingly, the appeal is dismissed with no order as to costs. (A.R.Joshi,J) (J.P.Devadhar,J.)