2014 (5) TMI 584

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..... to Stock Exchange were merely reimbursement of the charges paid/payable by the Stock Exchange to the Department of Telecommunication - the VSAT and Lease Line charges paid by the assessee do not have any element of income, deducting tax while making such payments do not arise – Decided against Revenue. Deletion of disallowance u/s 37(1) of the Act – Payment towards penalty paid to Stock exchan .....

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..... Assessee Company were allowable as a deduction from taxable Income even though the Assessee Company had failed to deduct TDS thereon? (B) Whether on the facts and in the circumstances of the case and in law the Hon ble Tribunal was justified in holding that VSAT and Lease Line charges paid to the Stock Exchange by the Assessee Company were not paid in consideration of technical services render .....

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..... elecommunication. Since the VSAT and Lease Line charges paid by the assessee do not have any element of income, deducting tax while making such payments do not arise. Hence, question Nos. (A) and (B) cannot be entertained. 3. As regards question (C) is concerned the finding of fact recorded by the ITAT is that the amount paid as penalty was on account of irregularities committed by the assessee .....

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