CIT v. Kotak Securities Ltd.

Networth Stock Broking Ltd, Mumbai vs. ACIT Cir 4(2), Mumbai

In the result, the appeal of assessee in ITA No

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JM AND SRI RAJESH KUMAR, AM ITA No.2268/Mum/2012 (A.Y:2008-09) Asst. Commissioner of Income Tax, Networth Stock Broking Ltd. Room No.642, 6th Floor, Aayakar 1001/1002, 10th floor, Atlanta Bhavan, M.K. Road, Centre, Opp Adyog Bhavan, Vs. Mumbai.-400020 Sonawala Road, Goregaon (E), Mumbai-400063 PAN No.AAACN1184F .. Appellant Respondent ITA No.2288/Mum/2012 (A.Y:2008-09) Networth Stock Broking Ltd. Asst. Commissioner of Income Tax, 1001/1002, 10th floor, Atlanta Room No.642, 6th Floor, Aayakar Vs. Centre, Opp Adyog Bhavan, Bhavan, M.K.…

ACIT 4(2), Mumbai vs. Networth Stock Broking Ltd, Mumbai

In the result, the appeal of assessee in ITA No

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JM AND SRI RAJESH KUMAR, AM ITA No.2268/Mum/2012 (A.Y:2008-09) Asst. Commissioner of Income Tax, Networth Stock Broking Ltd. Room No.642, 6th Floor, Aayakar 1001/1002, 10th floor, Atlanta Bhavan, M.K. Road, Centre, Opp Adyog Bhavan, Vs. Mumbai.-400020 Sonawala Road, Goregaon (E), Mumbai-400063 PAN No.AAACN1184F .. Appellant Respondent ITA No.2288/Mum/2012 (A.Y:2008-09) Networth Stock Broking Ltd. Asst. Commissioner of Income Tax, 1001/1002, 10th floor, Atlanta Room No.642, 6th Floor, Aayakar Vs. Centre, Opp Adyog Bhavan, Bhavan, M.K.…

Maliram Makharia Finstock P. Ltd, Mumbai vs. ITO (TDS) 1(3)(4), Mumbai

In the result, the appeal of assessee is dismissed

Bench: Sri Mahavir Singh, Jm & Sri Ashwani Taneja, Am Maliram Makharia Finstock P Ltd. Income Tax Officer 7Th 610 Raheja Centre, Free Press Floor, K.G. Mittal Vs. General Marg, Nariman Point Ayurvedic Hospital Bldg. Mumbai-400 021 Charni Rd, Mumbai-400 002 Appellant .. Respondent Pan No. Aaccm1102E Assessee By .. Shri Alok Bairagva, Ca .. Shri Suman Kumar, Dr Revenue By Date Of Hearing .. 07-03-2017 .. Date Of Pronouncement 07-03-2017 O R D E R Per Mahavir Singh, Jm:

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JM AND SRI ASHWANI TANEJA, AM Maliram Makharia Finstock P Ltd. Income Tax Officer 7th 610 Raheja Centre, Free Press Floor, K.G. Mittal Vs. General Marg, Nariman Point Ayurvedic Hospital Bldg. Mumbai-400 021 Charni RD, Mumbai-400 002 Appellant .. Respondent PAN No. AACCM1102E Assessee by .. Shri Alok Bairagva, CA .. Shri Suman Kumar, DR Revenue by Date of hearing .. 07-03-2017 .. Date of pronouncement 07-03-2017 O R D E R PER MAHAVIR SINGH, JM: This appeal by the assessee is arising out of the order of CIT(A)-59, Mumbai, in appeal N…

Keshav Securities P.Ltd, Mumbai vs. ACIT 4(3), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Cn Prasad & Shri Manoj Kumar Aggarwal: (A.Y : 2010-11) M/S Keshav Securities P.Ltd. Vs. Acit Circle – 4(3) Plot No.7, Ashok Nagar Society Mumbai N.S.Road, Jvpd Scheme Mumbai – 400 049 Pan : Aacck2279A (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent)

…t the appellant as an assessee in default, within the meaning of section 01/201A of the Act, qua the payment of transaction charges made to the BSE/NSE. “ 7. The decision of the Hon’ble Supreme Court in the case of CIT Vs. Kotak Securities Ltd. is reported in 383 ITR 1 and it was held that services made available by BSE for which transaction charges are paid by members of BSE are common services that every member of stock exchange is necessarily required to avail of to carry out trading in securities in Stock Exchange, therefore such services do not amount to technical services provided by Stock Exchange and not…

Ssj Finance & Securities P. Ltd, Mumbai vs. ITO (TDS) WD 3(3), Mumbai

Bench: Shri Rajendra, A.M. & Shri Pawan Singh,J.M. आयकर अपील सं./Ita No.6621/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./Ita No.6622/Mum/2014,िनधा"रण वष" िनधा"रण वष" /Assessment Year: 2009-10 िनधा"रण वष" िनधा"रण वष" M/S.Ssj Commodities Pvt. Ltd. Income Tax Officer-(Tds) 1St Floor, Surya Mahal Ward-3(3) Vs. Bb Marg, Fort, Mumbai-400 023. Mumbai-400 020. Pan: Aahcs 5863 M (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./Ita No.6623/Mum/2014,िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" /Assessment Year: 2011-12 िनधा"रण वष" M/S.Ssj Finance & Securities Pvt. Ltd. Income Tax Officer-(Tds) 1St Floor, Surya Mahal Ward-3(3) Vs. Bb Marg, Fort, Mumbai-400 023. Mumbai-400 020. Pan: Aabcs 4245 H (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Ms. Beena Santosh-Dr Assessee By: Shri Ritesh Jain सुनवाई क" तारीख / Date Of Hearing: 12.01.2017 घोषणा क" तारीख / Date Of Pronouncement: 18.01.2017 आयकर आयकर अिधिनयम आयकर आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)के अ"तग"त आदेश धारा के अ"तग"त आदेश के अ"तग"त आदेश के अ"तग"त आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य, राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार/ Per Rajendra A.M.- अनुसार Challenging The Orders,Dated 18/08/2014 Of The Cit (A)-14,Mumbai The Assessees Have Filed Appeals For The Above Mentioned Assessment Years(Ay.S). Issues Involved In All The Appeals Are Identical Except For The Amounts Involved & All The Assessees Are From The Same Group.So,For The Sake Of Convenience, We Are Adjudicating These Appeals By Passing A Single Order.

…Securities Ltd.,delivered by the Hon’ble Bombay High Court,vide its order dated 29/03/2016.The Departmental Representative (DR) stated that the matter could be decided on merits. 5.We find that the Hon’ble Apex Court had in the case of Kotak Securities Ltd.(383 ITR 1) has held that the services provided by the Stock Exchange for which transaction charges are paid fails to satisfy the test of specialised, exclusive and individual requirement of the user or consumer who may approach the service provider for such assistance/service, that it is only service of the above kind that should come within the ambit of the…

Ssj Commodities P.Ltd, Mumbai vs. ITO (TDS) WD 3(3), Mumbai

Bench: Shri Rajendra, A.M. & Shri Pawan Singh,J.M. आयकर अपील सं./Ita No.6621/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./Ita No.6622/Mum/2014,िनधा"रण वष" िनधा"रण वष" /Assessment Year: 2009-10 िनधा"रण वष" िनधा"रण वष" M/S.Ssj Commodities Pvt. Ltd. Income Tax Officer-(Tds) 1St Floor, Surya Mahal Ward-3(3) Vs. Bb Marg, Fort, Mumbai-400 023. Mumbai-400 020. Pan: Aahcs 5863 M (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./Ita No.6623/Mum/2014,िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" /Assessment Year: 2011-12 िनधा"रण वष" M/S.Ssj Finance & Securities Pvt. Ltd. Income Tax Officer-(Tds) 1St Floor, Surya Mahal Ward-3(3) Vs. Bb Marg, Fort, Mumbai-400 023. Mumbai-400 020. Pan: Aabcs 4245 H (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Ms. Beena Santosh-Dr Assessee By: Shri Ritesh Jain सुनवाई क" तारीख / Date Of Hearing: 12.01.2017 घोषणा क" तारीख / Date Of Pronouncement: 18.01.2017 आयकर आयकर अिधिनयम आयकर आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)के अ"तग"त आदेश धारा के अ"तग"त आदेश के अ"तग"त आदेश के अ"तग"त आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य, राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार/ Per Rajendra A.M.- अनुसार Challenging The Orders,Dated 18/08/2014 Of The Cit (A)-14,Mumbai The Assessees Have Filed Appeals For The Above Mentioned Assessment Years(Ay.S). Issues Involved In All The Appeals Are Identical Except For The Amounts Involved & All The Assessees Are From The Same Group.So,For The Sake Of Convenience, We Are Adjudicating These Appeals By Passing A Single Order.

…Securities Ltd.,delivered by the Hon’ble Bombay High Court,vide its order dated 29/03/2016.The Departmental Representative (DR) stated that the matter could be decided on merits. 5.We find that the Hon’ble Apex Court had in the case of Kotak Securities Ltd.(383 ITR 1) has held that the services provided by the Stock Exchange for which transaction charges are paid fails to satisfy the test of specialised, exclusive and individual requirement of the user or consumer who may approach the service provider for such assistance/service, that it is only service of the above kind that should come within the ambit of the…

S.S.J Finance & Securities P.Ltd, Mumbai vs. ITO (TDS) WD 3(2), Mumbai

Appeal of the assessee is allowed

Bench: S/Sh. Rajendra & Pawan Singhआयकर अपील सं/.Ita No.3559/Mum/2014,"नधा"रण वष"/Assessment Year-2008-09 M/S Ssj Finance & Securities Pvt. Ito (Tds),Ward-3(2), Ltd. 1St Floor, Surya Mahal, बनाम Mumbai. B B Marg, Fort, Mumbai-400023. Vs. Pan: Aabcs4245H (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं/.Ita No.3560/Mum/2014,"नधा"रण वष"/Assessment Year-2009-10 M/S Ssj Finance & Securities Pvt. Ito (Tds),Ward-3(3), बनाम Mumbai. Ltd.(Ssj Holding Pvt. Ltd. Merged With Ssj Finance & Vs. Securities Pvt. Ltd., 1St Floor, Surya Mahal, B B Marg, Fort, Mumbai-400023. Pan: Aabcs4245H (अपीलाथ" /Appellant) (""यथ" / Respondent)

…आयकर अपील"य अ"धकरण, “b” खंडपीठ मुंबई INCOME TAX APPELLATE TRIBUNAL,MUMBAI - ‘E’ BENCH सव"ी राजे"", लेखा सद"य एवं iou iou iou "संह,"या"यक सद"य iou Before S/Sh. Rajendra, Accountant Member & Pawan Singh, Judicial Member आयकर अपील सं/.ITA No.3559/Mum/2014,"नधा"रण वष"/Assessment Year-2008-09 M/s SSJ Finance & Securities Pvt. ITO (TDS),Ward-3(2), Ltd. 1st Floor, Surya Mahal, बनाम Mumbai. B B Marg, Fort, Mumbai-400023. Vs. PAN: AABCS4245H (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं/.ITA No.3560/Mum/2014,"नधा"रण वष"/Assessment Year-2009-10 M/s SSJ Finance & Securities Pvt. ITO (TDS),Ward-3(3), बनाम Mumba…

Rbs Equities (India) Ltd, Mumbai vs. DCIT RG 4(1), Mumbai

…M/s. RBS Equities (India) Ltd. (05-06 to 10-11) आयकर अपीलीय अपीलीय अिधकरण अिधकरण, मुंबई मुंबई “ केकेकेके” खंडपीठ खंडपीठ आयकर आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण मुंबई मुंबई खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“K”Bench Mumbai सव"ी राजे"" राजे"",लेखा लेखा सद"य सद"य एवं एवं, शि"जीत शि"जीत डेडेडेडे, "याियक "याियक सद"य सद"य सव"ी सव"ी सव"ी राजे"" राजे"" लेखा लेखा सद"य सद"य एवं एवं शि"जीत शि"जीत "याियक "याियक सद"य सद"य Before S/Shri Rajendra,Accountant Member and Saktijit Dey,Judicial Member आयकर अपील अपील संसंसंसं/ ITA No. 1236/Mum/2010 : िनधा"रण िनधा"रण वष" वष"/Assessment Year-2005-06 आयकर आयकर आयकर अपील अ…

Rbs Equities (I) Ltd ( Formelry Knwon As Amro Asia Equities (I) Ltd), Mumbai vs. ACIT RG 4(), Mumbai

…M/s. RBS Equities (India) Ltd. (05-06 to 10-11) आयकर अपीलीय अपीलीय अिधकरण अिधकरण, मुंबई मुंबई “ केकेकेके” खंडपीठ खंडपीठ आयकर आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण मुंबई मुंबई खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“K”Bench Mumbai सव"ी राजे"" राजे"",लेखा लेखा सद"य सद"य एवं एवं, शि"जीत शि"जीत डेडेडेडे, "याियक "याियक सद"य सद"य सव"ी सव"ी सव"ी राजे"" राजे"" लेखा लेखा सद"य सद"य एवं एवं शि"जीत शि"जीत "याियक "याियक सद"य सद"य Before S/Shri Rajendra,Accountant Member and Saktijit Dey,Judicial Member आयकर अपील अपील संसंसंसं/ ITA No. 1236/Mum/2010 : िनधा"रण िनधा"रण वष" वष"/Assessment Year-2005-06 आयकर आयकर आयकर अपील अ…

ITO TDS 3(3), Mumbai vs. Singapore Airlines Ltd, Mumbai

In the result this ground of appeal is dismissed

Bench: Shri P.K.Bansal & Shri Pawan Singh

…echnical infrastructure, telecommunication facilities and telecommunication infrastructure. The Ld. AR of the assessee argued that this ground of appeal is covered in his favour by the decision of Hon’ble Supreme Court in CIT vs. Kotak Securities reported viz 383 ITR 1(SC). 6. We have considered the rival contention of the parties and find that the Hon’ble Apex Court in Kotak Securities (supra) while explaining the meaning of technical services held: “That where the services provided by the Stock-Exchange for which transaction charges were paid, failed to satisfy the text specialize, exclusive and individual req…

Sal Securities P. Ltd, Mumbai vs. ITO (TDS) 3(2), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Sri Mahavir Singh, Jm & Sri Ashwani Taneja, Am Sal Securities P. Ltd. Income Tax Officer 703-A, Lakshchandi Apartments, (Tds)-3(2), Room No. 910, Smt. Krishna Vatika Marg, Gokul K.G. Mittal Aurvedic Hospital Vs. Dham, Goregaon East, Mumbai- Building Charni Road(W), 400063 Mumbai-400002 Pan No.Aahcs8674E Appellant .. Respondent .. None Assessee By Revenue By .. Shri. B.S. Bist, Dr .. Date Of Hearing 15-12-2016 Date Of Pronouncement .. 15-12-2016 O R D E R Per Mahavir Singh, Jm:

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JM AND SRI ASHWANI TANEJA, AM Sal Securities P. Ltd. Income Tax Officer 703-A, Lakshchandi Apartments, (TDS)-3(2), Room No. 910, Smt. Krishna Vatika Marg, Gokul K.G. Mittal Aurvedic Hospital Vs. Dham, Goregaon East, Mumbai- Building Charni Road(W), 400063 Mumbai-400002 PAN No.AAHCS8674E Appellant .. Respondent .. None Assessee by Revenue by .. Shri. B.S. Bist, DR .. Date of hearing 15-12-2016 Date of pronouncement .. 15-12-2016 O R D E R PER MAHAVIR SINGH, JM: This appeal by assessee is arising out of the order of CIT(A) -14, Mumba…

Larsen & Toubro Ltd, Mumbai vs. DCIT (TDS) 2(1), Mumbai

In the result, both appeals of the assessee are allowed, whereas appeal of the revenue is dismissed

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm M/S. Larsen & Toubro Ltd., Vs. Dcit(Tds)– 2(1), Mumbai - (E&C Division), L & T 400002 House, N.M. Marg, Ballard Estate, P.O.Box 278, Mumbai – 400 001 Pan/Gir No. Aaacl0140P Appellant) .. Respondent) Dcit(Tds)– 2(1), Vs. M/S. Larsen & Toubro Ltd., Mumbai – 400002 (E&C Division), L & T House, N.M. Marg, Ballard Estate, P.O.Box 278, Mumbai – 400 001 Pan/Gir No. Aaacl0140P Appellant) .. Respondent)

…intenance charges paid by the assessee. 11. In the result, both appeals of the assessee are allowed, whereas appeal of the revenue is dismissed. 7. We also found that issue is covered by the decision of Hon’ble Supreme Court in case of Kotak Securities Ltd., 383 ITR 1. 8. The facts and circumstances during the year under consideration are same, respectfully following the order of the Tribunal, we do not find any merit in the order of the AO for holding the assessee in default in respect of payment of internet charges and bank guarantee charges without deduction of tax at source. 9. In the result, appeal of the R…

DCIT (TDS) 2(1), Mumbai vs. Larsen & Toubro Ltd ( E & C Division), Mumbai

In the result, both appeals of the assessee are allowed, whereas appeal of the revenue is dismissed

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm M/S. Larsen & Toubro Ltd., Vs. Dcit(Tds)– 2(1), Mumbai - (E&C Division), L & T 400002 House, N.M. Marg, Ballard Estate, P.O.Box 278, Mumbai – 400 001 Pan/Gir No. Aaacl0140P Appellant) .. Respondent) Dcit(Tds)– 2(1), Vs. M/S. Larsen & Toubro Ltd., Mumbai – 400002 (E&C Division), L & T House, N.M. Marg, Ballard Estate, P.O.Box 278, Mumbai – 400 001 Pan/Gir No. Aaacl0140P Appellant) .. Respondent)

…intenance charges paid by the assessee. 11. In the result, both appeals of the assessee are allowed, whereas appeal of the revenue is dismissed. 7. We also found that issue is covered by the decision of Hon’ble Supreme Court in case of Kotak Securities Ltd., 383 ITR 1. 8. The facts and circumstances during the year under consideration are same, respectfully following the order of the Tribunal, we do not find any merit in the order of the AO for holding the assessee in default in respect of payment of internet charges and bank guarantee charges without deduction of tax at source. 9. In the result, appeal of the R…

Chauhan Commodities, Mumbai vs. CIT (A) 14, Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri R.C.Sharma & Shri Pawan Singhm/S Chauhan Commodities Ito (Tds)-1(2), 12/8, Harharwala Building, Mumbai. 341, Nm Joshi Marg, Vs. Mumbai-400013 Pan: Aaapc5570F (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “C”,MUMBAI BEFORE SHRI R.C.SHARMA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER M/s Chauhan Commodities ITO (TDS)-1(2), 12/8, Harharwala Building, Mumbai. 341, NM Joshi Marg, Vs. Mumbai-400013 PAN: AAAPC5570F (Appellant) (Respondent) Assessee by : Ms. Neha Paranjpe (AR) Revenue by : Shri R.A. Dahyani (DR) Date of hearing : 11.08.2016 Date of Pronouncement : 21.10.2016 O R D E R PER PAWAN SINGH, JM: 1. This appeal u/s 253 of the Income-tax Act(‘Act’) is directed by the assessee against the order of CIT(A)-14, Mumbai dated 08.08.2014 for Assessment Year…

Hsbc Securities and Capital Markets (India) P.Ltd, Mumbai vs. ITO (TDS) 1(1), Mumbai

In the result, the appeal of the assessee is hereby allowed

Bench: S/Shri Sanjay Arora & Amarjit Singhआयकर अपील सं/ I.T.A. No.5679/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11) M/S. Hsbc Securities & Income Tax Officer (Tds) बनाम/ Capital Markets (India) Pvt. (Osd) 1(1) Vs. 9Th Floor, Ltd. 52/60,Mahatma Gandhi Road, Smt. K.G.Mittal Ayurvedic Fort, Mumbai - 400001 Hospital Building, Mumbai - 400002 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacj1395E (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE S/SHRI SANJAY ARORA, ACCOUNTANT MEMBER AND AMARJIT SINGH, JUDICIAL MEMBER आयकर अपील सं/ I.T.A. No.5679/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11) M/s. HSBC Securities and Income Tax Officer (TDS) बनाम/ Capital Markets (India) Pvt. (OSD) 1(1) Vs. 9th Floor, Ltd. 52/60,Mahatma Gandhi Road, Smt. K.G.Mittal Ayurvedic Fort, Mumbai - 400001 Hospital Building, Mumbai - 400002 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACJ1395E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Assessee by: Ms. Krupa R. Gandhi & Manshi Padhiar Department by: Shri S.K.Mishra…

First Global Stockbroking Pvt. Ltd., Mumbai vs. DCIT Range 4(1), Mumbai

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosain First Global Stockbroking P. Ltd. Dcit, Range 4(1) #2, Crescent Chambers Room No. 640, 6Th Floor Vs. 4Th Floor, Tamarind Lane Aayakar Bhavan, M.K. Road Fort, Mumbai 400001 Mumbai 400020 Pan – Aaacf0661K Appellant Respondent

…n charges payments made to Stock Exchanges, i.e. BSE and NSE. The learned counsel for the assessee submitted that this issue is now settled in favour of the assessee by the decision of the Hon'ble Apex Court in the case of CIT vs. Kotak Securities Ltd. (2016) 383 ITR 1 (SC), wherein it was held that transaction charges paid to BSE, etc. by its members are not ‘technical services’ rendered, but the nature of such payments are for facilities provided by the Stock Exchange and therefore no TDS on such payments would be deductible under section 194C or 194J of the Act. 5.2 Per contra, the learned D.R. supported the i…

Saffron Global Markets P.Ltd, Mumbai vs. ITO TDS 3(2), Mumbai

Bench: Shri Joginder Singh () & Shri Ashwani Taneja ()

…le on such payments. Subsequently the assessee carried the matter before the Hon’ble Supreme Court wherein Hon’ble Supreme Court has reversed the order of the High Court by passing a detailed order in a batch of appeals reported as Kotak Securities Ltd Vs CIT 383 ITR 1 (SC). The Hon’ble Supreme Court has analysed the provisions of section 194J as well as 9(i)(vii) and based on the conclusion that transaction charges did not constitute fee for 4 I.T.A. No.6843 /Mum/2014 technical or managerial services. Relevant observations of Hon’ble Supreme Court are reproduced hereunder, for the sake of reference:- “A reading…