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2016 (4) TMI 710 - AT - Income TaxAdmission fees - nature of income - Held that:- Bombay Stock Exchange towards broker contingency fund and admission fees are capital in nature. Payment in the nature of penalty in terms of section 37 - Held that:- The assessee paid penalty for various defaults Bombay Stock Exchange like that of National Stock Exchange conducting their business control under SEBI during the course of its business transactions, therefore, we are of the opinion that the Bombay Stock Exchange is not a statutory body and any penalties or fines paid as the case may be under regulations and bye-laws can be considered as regulations for controlling the internal obligations and therefore the penalty charges cannot be said to be for infringement of any law. In the present case also the assessee paid penalty for various defaults during the course of business transactions.
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