Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 891 - ITAT MUMBAIDisallowance u/s 14A - Held that:- Following the decision of the Coordinate Bench of this Tribunal in the assessee’s own case for A.Y. 2009-10 we set aside the order of the learned CIT(A) and restore the issue of re-working the disallowance under section 14A r.w. Rule 8D of the I.T. Rules, to the file of the AO to verify the contention of the assessee that the investments made by it in group concerns, foreign entities , the income of which is exigible to tax be excluded while computing the disallowance under Rule 8D(2)(iii), which is in respect ½% of the average value of investment, the income of which does not form part of total income. Disallowance under section 40(a)(ia) - non-deduction of tax by the assessee for transaction charges payments made to Stock Exchanges, i.e. BSE and NSE - Held that:-Respectfully following the decision of the Hon'ble Apex Court in the case of Kotak Securities Ltd. (2016 (3) TMI 1026 - SUPREME COURT ), we hold that the transaction charges paid by the assessee to BSE and NSE as a member is in the nature of payments made for facilities provided by the Stock Exchange and therefore no TDS on such payment would be deductible under section 194C/194J of the Act. The orders of the authorities below making disallowance under section 40(a)(ia) for non-deduction of tax on such payment of transaction charges are accordingly reversed
|