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2010 (12) TMI 73 - ITAT, MUMBAIFailure to deduction TDS - composite charges for rofessional and technical services rendered by the stock exchange to its members - computation of income - capital gain versus business income - Dis allowance u/s 14A - Held that: - transaction fees paid to the stock exchange could not be said to be a fees paid in consideration of stock exchange rendering any technical services to the assessee. The provisions of section 9(1)(vii) Explanation 2, were, therefore, not attracted. Therefore, there was no obligation on the part of the assessee to deduct tax at source Regarding nature of income - the manner in which the books had been maintained is an important piece of evidence for arriving at proper conclusion in such circumstances - Mere intention to liquidate the investment at higher value does not imply that the intention was only to trade in security - it is possible for a tax payer to have two portfolios, i.e. an investment portfolio comprising of securities which are to be treated as capital assets and a trading portfolio comprising of stock-in trade which are to be treated as trading assets Rule 8D is not retrospective - Rule 8D was not applicable for the assessment year 2005-06 - The assessee’s plea that it had not incurred any expenditure for earning the dividend income has not been considered by the learned CIT(A) - matter restored before AO for denovo consideration.
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