2011 (10) TMI 172

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..... thus: A Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in deleting the additions made by the Assessing Officer under section 40(a)(ia) of the Income Tax Act, 1961 claimed by the assessee firm being VSAT charges amounting to Rs.3,12,597/and NSE lease line charges amounting to Rs.1,66,301/and Transaction charges of Rs.4,45,024/paid by the Assessee Fi .....

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..... . 3 As regards the second question is concerned, the finding of fact recorded by the CIT (A) and upheld by the ITAT is that the payments made by the Assessee to the Stock Exchange for violation of their regulation are not an account of an offence or which is prohibited by law. Hence, the invocation of explanation to section 37 of the Income Tax Act, 1961 is not justified. In our opinion, in the f .....

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