Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Commissioner of Income-Tax Versus India Capital Markets P. Ltd.

Disallowance u/s 40(a)(ia) - TDS on subscription to e-magazines - Held that:- It is not the case of the Revenue that specific queries raised by the respondent-assessee were answered to by M/s Bloomberg as a part of the consideration of ₹ 4.34 lakhs. The information is made available to all subscribers to e-magazines/journal of M/s Bloomberg. Therefore, in no way the payments made to M/s. Bloomberg can be considered to be in the nature of any consultative/professional services rendered by B .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

[2014 (9) TMI 88 - BOMBAY HIGH COURT] as deeming provision of section 2(22)(e) of the Income-tax Act cannot be applied to an assessee company as the assessee-company is not a shareholder of the company that advanced loan to the assessee-company even though there was a common shareholder holding substantial interest on both the companies - Appeal admitted on question 1 - Whether Tribunal was justified in allowing depreciation on amount paid by the assessee-company to Ashmavir Financial Co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

P. J. Pardiwalla Senior Counsel, and Atul Jasani JUDGMENT 1. This appeal under section 260A of the Income-tax Act, 1961 (for short "the Act") challenges the order dated December 12, 2012 passed by the Income-tax Appellate Tribunal (for short "the Tribunal"). The impugned order is in respect of the assessment year 2006-07. 2. The Revenue has urged before us the following questions of law for our consideration : "(A) Whether on the facts and in the circumstances of the cas .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e circumstances of the case and in law the Tribunal was justified in deleting the disallowance made by the Assessing Officer under section 40(a)(ia) of expenditure incurred by the assessee-company towards payment of data charges to Bloomberg even though the assessee company had not deducted tax at source on such payment made to avail professional services ? (C) Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in holding that the deeming provision of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion of tax at source under section 40(a)(ia) of the Act. The Assessing Officer was of the view that the payment made by the respondent-assessee to Bloomberg was in the nature of consultative services. Thus liable to deduction of tax at source. (b) On appeal, the Commissioner of Income-tax (Appeals) on examination of facts came to the conclusion that the payment which was made to Bloomberg was essentially a payment made to subscription for a financial e-magazine. Consequently there would be no oc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he Revenue's appeal before the Tribunal was dismissed. (c) Mr. Malhotra learned counsel for the Revenue submits that as a consequence of the payment made to Bloomberg the respondent-assessee is able to obtain a detailed analysis by experts and information on various industries. This would have a direct impact as the business of the respondent-assessee. Thus, it cannot be considered to be in the nature of subscription for e-magazines and therefore, payment made has to be considered as payment .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version