Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (5) TMI 276 - ITAT DELHIDisallowance u/s 40(a)(ia) - non deduction of tax at sources u/s 194H - assessee is engaged in distribution of mutual funds of various companies and is earning commission for the same from various mutual funds - case of the assessee was selected for scrutiny under CASS - Held that:- The expression commission or brokerage includes payment for services for services rendered for, or in the course of, buying and selling of goods, or in relation to any transaction relating to any asset, valuable article or thing, not being securities. The payment in the preset case has been made for sale of mutual fund units and the mutual fund units are covered by the scope of definition of 'securities'. The services rendered for sale of mutual fund units, therefore, cannot be covered by the scope of Section 194 H. The definition has to be read in entirety and not in fragments, as suggested by the DR. The provisions of law are clear and admit no ambiguity. In any event, it was not even the case by any of the authorities below therefore to hold that the assessee did not have any tax withholding requirements so far as impugned payments for commission on sale of mutual fund units are concerned. In favour of assessee.
|