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2017 (10) TMI 247 - HC - Income TaxTax appeal is admitted for consideration of following substantial question of law: Whether on the facts and circumstances of the case, Appellate Tribunal was justified in deleting disallowance made by Assessing Officer u/s 40(a) (ia) of the Act on payment of ₹ 70,18,471/- to M/s. Ashwin Chinubhai Broking Pvt. Ltd.? Disallowance u/s 40(a) (ia) on payment towards V-Sat expenses and other connectivity charges - Held that:- Such an issue has been decided by the Supreme Court in case of Commissioner of Income Tax vs. Kotak Securities Ltd. [2016 (3) TMI 1026 - SUPREME COURT] as held that the brokers make payment to the stock exchange for the facilities of faceless screen based transactions made available at the stock exchange which was compulsory for the brokers to use. In the opinion of the Supreme Court, this was not a payment of fee for technical service rendered by the stock exchange inviting deduction at source under section 194J of the Act. This being the position, second question is not admitted.
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