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

[2016] 387 ITR 510 - 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 s .....

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ct Containers P. Ltd [2014 (9)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 Ashma .....

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he Respondent : 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 circumst .....

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facts and in the 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 deem .....

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nt of non-deduction 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 ther .....

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. Accordingly, the 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 consi .....

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