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2013 (12) TMI 526 - AT - Income TaxDisallowance u/s. 40(a)(ia) Leaseline and transaction charges - Held that:- Following DCIT Vs Sonal Shares & Stock Brokers (P) Ltd [2010 (2) TMI 910 - ITAT, Mumbai] - The stock exchange do not provide any technical services by installing VSAT net work. It is the facility provided to its members. Therefore payment of VSAT cannot be said to be of the nature of fees for any technical services rendered and hence the assessee is not required to deduct tax u/s. 194J on such payment Decided in favour of assessee. Rebate u/s 88E Deduction of STT - Held that:- Following Horizon Capital Ltd. Vs ITO [2011 (10) TMI 489 - KARNATAKA HIGH COURT] The provisions of Sec. 87 & 88A to 88E also apply after the total income is computed u/s. 115JB of the Act - If the transaction on which STT is paid is included in the total income of the assessee where the total income is assessed either under the provisions of the Act or under Section 115JB when tax chargeable on such income is arrived at & it is from that tax which is chargeable, the tax paid u/s 88E is given deduction, by way of rebate, u/s 87 - The assessee is entitled to a deduction of the amount equal to the STT paid Decided against Revenue. Disallowance of mark to market loss Held that:- Following CIT Vs Arjan Khimji & Co [1978 (7) TMI 35 - BOMBAY High Court] - As per guidelines of SEBI, it is imperative to all who have open position, in the F&O segment on the end of the financial year i.e. 31st of march to show mark to market loss in their books of account - The losses booked on the close of the financial year in respect of open positions in futures is a crystallized liability and therefore allowable Decided in favour of assessee.
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