Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (11) TMI 878 - ITAT HYDERABAD

2016 (11) TMI 878 - ITAT HYDERABAD - TMI - TDS u/s 194J - Non deduction of tds on settlement and custody fees paid- Held that:- As relying on assessee's own case payment made by the assessee cannot be treated as a payment towards technical services and, at any rate, the companies having treated this amount as income and offered to tax the provisions of section 40(a)(ia) do not apply to the facts of the case. - Decided in favour of assessee - ITA. No. 413/Hyd/2016 - Dated:- 21-10-2016 - Shri D. M .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Special Bench s decision in the case of M/s. Merylin Shipping P. Ltd., when the said decision was suspended by the Hon ble High Court of A.P. 2. In order to appreciate the issue under consideration it may be necessary to briefly record the facts of the case. The assessee-company is incorporated for the purpose of carrying on the business as Registrars and Share Transfer Agents. For the year under consideration the assessee-company declared total income of ₹ 23.88 crores. The case was taken .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

reholders. For carrying on the instruction of Registrars in crediting the shares to the investors account and for providing the factual data pertaining to the shareholders, holding the shares in Demat Format etc., the assessee needs to make payment to National Security Deposit Limited (NSDL)/Central Depository Services Ltd., (CDSL). In otherwords, the activity of NSDL/CDSL is only in the form of providing data base and it is not in the nature of providing professional/technical services, in whic .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

eferred an appeal before the CIT(A) wherein it was contended that the payments to NSDL/CDSL was termed as BENPOS charges. The assessee undertakes to furnish its clients, information on shareholders and extent of their holding in the respective client companies and for that purpose the website of NSDL is accessed and assessee-company pays an upfront fee which is calculated on a flat rate depending on number of records requested. Upon receipt of the fees NSDL permits access to the assessee for dow .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ground was raised stating that the payment in question has been accounted for as income by the payee and therefore, cannot be disallowed under section 40(a)(ia) of the Act in view of the amendment brought by Finance Act, 2012 and in this regard reliance was placed upon the decision of the ITAT in the case of A.P. Industrial Infrastructure Corporation (ITA.No.1806 & 1807/Hyd/2013 dated 04.09.2015) wherein it was held that in the wake of details of the respective tax return filed by the payee .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| 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