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2012 (11) TMI 277 - AT - Income TaxTransaction charges paid to the stock exchanges - fees for technical services TDS u/s 194J – Following the decision of court in case of [Commissioner of Income-tax - 4(3) Versus Kotak Securities Ltd. 2011 (10) TMI 24 - BOMBAY HIGH COURT] Held that:- Transaction charges paid by the assessee to the stock exchange constitute 'fees for technical services' covered under Section 194J of the Act and, therefore, the assessee was liable to deduct tax at source while crediting the transaction charges to the account of the stock exchange. As regard quantification of interest, matter is restored back to the Assessing Officer, who will carry out necessary verification and quantify the interest. Thus, ground of appeal raised by the department stands allowed, subject to quantification of interest - In the result, appeal for assessment years 2005-06, 2006-07, 2007-08 & 2008-09 stands allowed subject to verification and quantification of interest by the Assessing Officer.
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