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2010 (12) TMI 821 - AT - Income TaxDisallowance - Claim for rebate u/s 88E - Securities Transaction Tax - The additional evidence filed by the assessee involved voluminous details and documents running into 226 pages and the same was required to be verified from the books of account of the assessee, we are of the view that the opportunity afforded by the ld. CIT(A) to verify the additional evidence cannot be regarded as sufficient and proper - A.O. in the facts and circumstances of the case deserves one more opportunity to verify the claim of the assessee for rebate u/s 88E from the details furnished by the assessee before the ld. CIT(A) for the first time as well as the books of account maintained by the assessee - Therefore, set aside the impugned order of the ld. CIT(A) on this issue and restore the matter back to the file of the A.O. with a direction to decide the same in the light of details and documents furnished by the assessee after necessary verification - Hence, Revenue's appeal are accordingly treated as allowed for statistical purpose. Under section 40(a)(ia) - Payments to jobbers/arbitragers - order of the ld. CIT(A) deleting the addition made by the A.O. u/s 40(a)(ia) on account of payments made by the assessee to jobbers/arbitragers sustained - Decided in favour of assessee. Under section 40(a)(ia) - V. SAT, Leaseline and transaction charges paid to stock exchange - This issue is squarely covered in favour of the assessee in the case of Kotak Securities Ltd.vs. ACIT (2011 -TMI - 206641 - Bombay High Court). relied upon by the ld. CIT(A) wherein it was held that stock exchanges do not render any managerial or technical services to its members in lieu of the payment of transaction charges etc. and since such payments are made by the member brokers mainly for the facilities provided by the stock exchange, the provisions of section 194J are not applicable so as to make the brokers liable to deduct tax at source from the said payment - It was also held that the provisions of section 40a(ia) thus are not attracted so as to make any disallowance on account of such charges - Decided in favour of assessee.
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