SAT reduces penalty from Rs. 30 lakhs to Rs. 3 lakhs as non-disclosure by appellant didn’t cause any loss to investors

COMPANY LAW/SEBI : Where appellant, promoter of target company, failed to make disclosures of change in shareholding in scrips of company and, thus, violated regulation 13 of PIT regulation and regulation 29 of SAST regulation, since, such transaction had neither caused disproportionate gain to appellant nor any loss to investors, penalty of Rs. 30 Lakh imposed on appellant was harsh and same was to be reduced to Rs. 3 lakh

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316785/sat-reduces-penalty-from-rs-30-lakhs-to-rs-3-lakhs-as-non-disclosure-by-appellant-didn’t-cause-any-loss-to-investors.aspx