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2016 (9) TMI 758 - AT - Income TaxAddition made on account of investment in FDRs and interest thereupon - Held that:- We find that the ld. CIT(A) has verified the claim of the assessee and found that the FDRs disclosed by the family members and as found during the course of survey were not matching. As the numbers as well amount mentioned in the FDRs were different, nor the assessee was able to get verified the same with documentary evidence during the course of appellate proceedings before the ld. CIT(A). Before us also, the ld. Authorized Representative of the assessee could not controvert the findings recorded by the lower authorities. It is also seen from the submission of the assessee that the name of the assessee is also appearing as second and third beneficiaries in respect of these FDRs. The assessee is only active and effective member of his family. In view of these facts and circumstances, we do not find any infirmity in the order of the lower authorities. - Decided against assessee. Penalty levied for non-fulfillment some dealership condition - allowable expenditure u/s 37 - Held that:- Since the penalty is levied by HPCL for non-fulfillment of some dealership condition falls within the purview of business expenditure, hence the same is allowable expenditure u/s 37 of the Income-tax Act, 1961. The ld. Authorized Representative of the assessee has also placed reliance in this regard in the case of Gold Crest Capital Markets Limited vs. ITO, (2009 (1) TMI 553 - ITAT, MUMBAI) wherein the Mumbai Tribunal has decided that fine or penalty imposed by NSE to its members is regulated by their in house laws and could not be termed as violation of statutory laws and hence, cannot be disallowed. Respectfully following the above findings of Mumbai, I.T.A.T., we delete the levy of penalty - Decided in favour of assessee.
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