Payment made for violation of byelaws of stock exchange is allowable expense

 ITAT MUMBAI BENCH ‘F’ HSBC Securities & Capital Markets (India) (P.) Ltd. versus Assistant Commissioner of Income-tax, Circle-4(1) IT Appeal NOS. 6762 & 7135 (MUM.) OF 2005 C.O. No. 186 (mum.) of 2006 [ASSESSMENT YEAR 2002-03] OCTOBER  31, 2012 ORDER B. Ramakotaiah, Accountant Member  These are cross appeals for the assessment year 2002-03 against the orders of the CIT (A)-IV, Mumbai dated 5.10.2005 and the cross objection on one of the issue by assessee. 2. We have heard the learned Counsel and the learned DR in detail and the learned Counsel also pl...