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2016 (12) TMI 1548 - ITAT MUMBAITDS u/s 194J - Non deduction of tds on transaction charges paid to stock exchanges - Held that:- Since both the revenue and the assessee were under the bonafide belief for nearly a decade that tax was not deductible at source on payment of transaction charges, no fault can be found with the assessee in not deducting the tax at source in the assessment year in question and consequently disallowance made by the assessing officer under Section 40(a)(ia) of the Act in respect of the transaction charges cannot be sustained. See Kotak Securities Ltd. case [2011 (10) TMI 24 - Bombay High Court] - Decided in favour of assessee Treatment to loss on sale of shares of subsidiary company as business loss on the ground that the same has erroneously been treated as capital loss by the assessee - Held that:- Admittedly, the AO has passed the assessment order on the basis of the facts represented by the assessee and the assessee did not raise this issue even before the CIT(A) during appeal proceedings. Under these circumstances, the assessee cannot raise this issue before the Tribunal. In our considered opinion since this is not a legal ground the same cannot be admitted as an additional ground at this stage. Hence, we dismiss this ground of appeal.
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