KESHAV SECURITIES P.LTD,MUMBAI vs. ITO TDS 2(2), MUMBAI

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ITA 1932/MUM/2015Status: DisposedITAT Mumbai22 July 2016AY 2010-113 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that transaction charges paid to BSE are not 'fee for technical services' as per the Supreme Court's decision in a similar case. Therefore, tax deduction under Section 194J was not required.

What were the facts?

The assessee paid transaction charges to the Bombay Stock Exchange (BSE) and the Assessing Officer held that tax was deductible under Section 194J as 'fee for technical services'. The CIT(A) upheld this view.

What were the issues?

Whether transaction charges paid to a stock exchange constitute 'fee for technical services' requiring TDS under Section 194J.

Which sections of the Income-tax Act were involved?

Section 194J,Section 201,Section 201(1A)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, MUMBAI BENCH “I”, MUMBAI

Before: SHRI G.S.PANNU & SHRI AMARJIT SINGH.

For Appellant: Shri Darshan Sandhi
For Respondent: Shri Deepak Ripote
Hearing: 19/07/2016Pronounced: 22/07/2016

ORDER PER G.S.PANNU,A.M: The captioned appeal filed by the assessee pertaining to assessment year 2010-11 is directed against an order passed by CIT(A)- 59, Mumbai dated 12/01/2015 which in turn arises out of an order dated 22/03/2012 passed under section 201(1)/201(1A) of the Income Tax Act, 1961 (in short ‘the Act’).

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