The Tax Publishers2019 TaxPub(DT) 1198 (Bom-HC) : (2019) 310 CTR 0017 : (2019) 261 TAXMAN 0404

INCOME TAX ACT, 1961

Section 194J

The issue stood concluded in favour of assessee by virtue of decision of Supreme Court in CIT v. Kotak Securities Ltd. (2016) 383 ITR 1 (SC) : 2016 TaxPub(DT) 1609 (SC) that no tax was deductible on the transaction charges under section 194J.

Tax deduction at source under section 194J - On transaction charges paid to stock exchange - -

AO had disallowed the payment made to National/Bombay Stock Exchange on account of transaction charges under section 40(a)(i). This was for failure to deduct tax at source under section 194J while making payment for transaction charges. Held: The issue stood concluded in favour of assessee by virtue of decision of Supreme Court in CIT v. Kotak Securities Ltd. (2016) 383 ITR 1 (SC) : 2016 TaxPub(DT) 1609 (SC) that no tax was deductible on the transaction charges under section 194J. Therefore, no substantial question of law arose.

Followed:CIT v. Kotak Securities Ltd. (2012) 340 ITR 333 (Bom.) : 2011 TaxPub(DT) 1954 (Bom-HC) and CIT v. Kotak Securities Ltd. (2016) 383 ITR 1 (SC) : 2016 TaxPub(DT) 1609 (SC)

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

INCOME TAX ACT, 1961

Section 92C

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