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2016 (8) TMI 66 - AT - Income TaxBusiness loss set off against other business income - Held that:- In the present case the assessee suffered share trading loss of ₹ 31,18,920/- on account of delivery and ₹ 6,24,653/- on non delivery totaling to ₹ 37,43,573/- and claimed to set off against the income from other business in the year under consideration, but, however, the AO denied the same on the ground that the income of assessee consists of many other heads of income and there was no gain in trading and allowed carry forward next year. We find that the Hon’ble Jurisdictional Calcutta High Court as held in the case of Sandune Trade Pvt. Ltd [2010 (7) TMI 1013 - CALCUTTA HIGH COURT ] that the brokerage income was earned and the activity of dealing in shares in the own account was to be treated as share trading business. The entire activity has to be treated as one. Respectfully following the same, we find no infirmity in the impugned order of the CIT(A) and we uphold the same. - Decided against revenue Disallowance of expenses being penal in nature - Held that:- The assessee paid penalty to National Stock Exchange conducting their business control under SEBI during the course of its business transactions, therefore, we are of the opinion that the National 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, facts of aforesaid order applicable to the facts on hand. - Decided against revenue
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