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2014 (11) TMI 1000 - AT - Income TaxTDS u/s 194J - Disallowance of transaction charges u/s 40(a)(ia) - non deduction of TDS - Held that:- No disallowance u/s 40(a)(ia) should be made in the present assessment year as the assessee was under a bona fide belief that no tax was deductible, because in the earlier years both the revenue and the assessee had accepted the position that no tax was deductible on the transaction charges. It has been stated before us by the learned counsel that assessee is now deducting tax u/s 194J on transaction charges in the wake of the decision of the Hon'ble High Court in the case of Kotak Securities Ltd. [2011 (10) TMI 24 - Bombay High Court]. Accordingly, we hold that no disallowance should be made u/s 40(a)(ia) in this year. - Decided in favour of assessee.
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