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2016 (12) TMI 1721 - ITAT MUMBAIDisallowance u/s 37(1) - payment made to SEBI for infringement of law, which is a fee for compounding an offence - Held that:- We find that the ld. CIT(A) has deleted the above addition by following the decision of Co-ordinate Bench of the Tribunal in the case of Reliance Share and Stock Brokers (P) [2014 (10) TMI 781 - ITAT MUMBAI] wherein the similar issue has been decided in favour of the assessee as held fee cannot be equated with a penalty and is a payment to enable the assessee to carry on its business in the normal course - Decided in favour of assessee Capital gain computation - Allow indexation benefit from AY 1998-99 and not from AY 2005-06 - shares of BSE were acquired by the assessee in the year 2005-06 only - Held that:- We find from the order of ld. CIT(A) that the appeal of the assessee has been allowed by the First Appellate Authority on the basis of ratio laid down in the case of G Das Capital Markets Pvt.Ltd [2014 (9) TMI 164 - ITAT MUMBAI] in case of sale of capital asset being equity share allotted to the shareholder of a recognized stock exchange in India under scheme of demutualization, shall be the cost of acquisition of its original membership of the exchange - capital gain computed on sale of shares of BSE by taking the cost of acquisition and allowing indexation thereon as per provisions of law. - Decided against revenue
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