Commissioner of Income Tax-4 v. M/s.Edelweiss Securities Ltd
[Citation -2014-LL-1114-2]
| Citation | 2014-LL-1114-2 |
|---|---|
| Appellant Name | Commissioner of Income Tax-4 |
| Respondent Name | M/s.Edelweiss Securities Ltd. |
| Court | HIGH COURT OF BOMBAY |
| Relevant Act | Income-tax |
| Date of Order | 14/11/2014 |
| Judgment | View Judgment |
| Keyword Tags | stock exchange |
| Bot Summary: | H ig CORAM : S.C.DHARMADHIKARI A.A. SAYED, JJ. DATED : 14 NOVEMBER 2014 H P.C. Having perused the order passed by the Tribunal and impugned in this Appeal, we are of the view that only the question y No.6.1 can be termed as substantial question of law, which reads as ba under:- Whether on the facts and in the circumstances of the om case and in law, the Hon'ble Tribunal was justified in holding that the Assessee has rightly claimed the provision of Mark-to-Market on trading of derivative B instruments in the profit and loss account 2. In so far as question No. 6.2 at page 6 of the Paper Book , that reads as under:- Uday Kambli 1/3 ::: Downloaded on - 11/08/2015 15:57:01 ::: 2/3 itxa-1503-12.doc rt Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal was justified in ou upholding the order of Ld. CIT that stock exchange does not provide managerial services and fees paid by the member to C the stock exchange is not for any technical services and so TDS is not deductible on the same and thereby rejecting the appeal of the Revenue on this issue h 3. Ig After we drew attention of Mr.Malhotra, appearing on behalf of the Revenue in support of this Appeal, to the judgment of H the Tribunal in the case of Kotak Securities Ltd. v/s. Add.Commissioner of Income Tax in ITA No.1955/M/08 and the y Division Bench judgment of this Court affirming the view taken by ba the Tribunal in 340 ITR 333, it is stated that question No. 6.2 would have to be answered against the Revenue and in om favour of the Assessee, because of the conclusion reached by the Division Bench of this Court in paras 31 and 32 of the Judgment in Kotak Securities. In view question No. 6.2 is answered in C favour of the Assessee and against the Revenue. The Registrar/Registrar, High Court, Original Side, Bombay to ensure that the original record in relation to this y Appeal is summoned from the Tribunal and offered for inspection of ba the parties. The Registry in the first instance must send intimation of admission of this Appeal enclosing therewith a copy of this order so as to B enable the Tribunal to act accordingly. |