Held that since the assessee had not brought anything on record suggesting nature of services rendered by such brokerage and also the said payment was made against violation of rules of SEBI. Not allowable as deduction. (AY. 2010-11)
DCIT v. Edelweiss Financial Advisors Ltd. (2021) 188 ITD 834 (Ahd.)(Trib.)
S. 37(1) : Business expenditure-Brokerage paid to broker who was not registered with stock exchange-Service rendered not proved-Payment was made against violation of SEBI rules-Not allowable as deduction.