Walfort Shares & Stock Broker ... vs Department Of Income Tax
11. We have carefully considered the submissions of the rival parties and perused
the material available on record. We find that the facts are not in dispute inasmuch
as according to SEBI (Interest Liability Regulations Scheme) 2004 whereby one time
waiver was given to the brokers to pay only 20% of the interest accrued so far in full
and final settlement of their dues, the assessee has paid interest amounting to Rs
5,85,194/- to SEBI. Co-ordinate Bench of the Tribunal in ITO vs Sureshchand Jain
(2006) 284 ITR (AT) 160 (Mum) has held at page 161 of the head note as under: