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2014 (5) TMI 584 - HC - Income TaxAllowability of deduction VSAT and Lease line charges paid to stock exchange Failure to deduct TDS Technical services u/s 194J r.w. Explanation 2 to 9(1)(vii) of the Act Held that:- Tribunal was of the view that VSAT and Lease Line charges paid by the assessee 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 exchange Held that:- Tribunal was of the view that the amount paid as penalty was on account of irregularities committed by the assessees clients - payments were not on account of any infraction of law and hence allowable as business expenditure thus, the explanation to section 37 would not apply Decided against Revenue.
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