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2015 (11) TMI 111 - AT - Income TaxBusiness expenditure u/s 37 - Disallowance of fines, penalties etc., levied for non maintenance of KYC forms, short collection of margin money - Held that:- Nature of expenses incurred in the name of fines or penalties are same as have been incurred in assessment year 2007-08. These facts could not be controverted by the Ld DR during the course of hearing. Therefore, relying upon the judgment of Hon’ble Tribunal in assessee’s own case, we find that disallowance is contrary to law and the same is directed to be deleted. - Decided in favour of assessee. Disallowance of Bad Debts - Held that:- This issue, on legal principles, now stands covered in favour of the assessee by the judgment of Hon’ble Supreme Court in the case of TRF Ltd. [2010 (2) TMI 211 - SUPREME COURT ] wherein it has been held that in view of the amended law, the assessee is now required to merely show the write off of the debts, and the establishing a debt as ‘bad’ is not mandatory. Therefore, on legal principle, we hold that the impugned claim is allowable to the assessee. We send this issue back to the file of the AO for the limited purpose of verification of the details as were required by the Ld CIT(A) and which were allegedly not filed by the assessee. - Decided in favour of assessee for statistical purposes.
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