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TMI Blog2016 (11) TMI 960X X X X Extracts X X X X X X X X Extracts X X X X ..... 9/Mum/2014 - - - Dated:- 5-10-2016 - SHRI SANJAY ARORA, ACCOUNTANT MEMBER For The Assessee by: Ms. Krupa R. Gandhi and Manshi Padhiar For The Department by: Shri S.K.Mishra ORDER PER AMARJIT SINGH, JM: The assessee has filed the present appeal against the order dated 23.06.2014 passed by the Commissioner of Income Tax (Appeals)-14, Mumbai [hereinafter referred to as the CIT(A) ] relevant to the A.Y.2010-11. 2. The assessee has raised the following grounds:- GROUND I: PRINCIPLE OF NATURAL JUSTICE: 1. On the facts and in the circumstances of the case and in law, the Learned CIT(A) erred in upholding the action of the Income Tax Officer (OSD) (TDS)-1(1), Mumbai ( the AO ) in passing an order under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the recipients itself is not there. 3. The Appellant prays that the interest levied under section 201(1A) of the Act by the AO be deleted. GROUND III: EXCESS LIABILITY CALCULATED UNDER SECTION 201(1A) OF THE ACT :- 1. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in upholding the action of the AO in calculating the interest under section 201(1A) of the Act upto the date on which tax is to be deducted under section 194J of the Act by the Appellant. 2. He failed to appreciate and ought to have held that the recipients have already paid taxes on their income as advance tax or self-assessment tax and therefore, interest u/s.201(1A) of the Act is to be calculated upto the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cord to condone delay in filing the appeal, hence application for condonation of delay is hereby allowed. 5. The brief facts of the case are that in the light of the decision of Hon ble Bombay High Court in the case of M/s.Kotak Securities Ltd., the information was called from M/s. Bombay Stock Exchange/s, M/s. National Commodity and Derivative Exchange and M/s. Multi Commodity Exchange of India. After the receipt of the information received from M/s.Bombay Stock Exchange, M/s. National Stock Exchange, it was found that the assessee failed to deduct the TDS on payment on account of Transaction charges to M/s.Bombay Stock Exchange and M/s. National Stock Exchange. The services rendered by the stock exchanges against the payment of transac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that whether the assessee was under obligation to deduct the TDS on the transaction charges payable to the M/s.Bombay Stock Exchange and M/s. National Stock Exchange amounting to ₹ 9,65,675/- and ₹ 1,25,44,648/- respectively and was also in default on account of non payment of interest also. This matter of controversy has been adjudicated by the Hon ble Supreme Court of India in case of Commissioner of Income Tax 4, Mumbai Vs. Kotak Securities Ltd. [2016] 67 taxmann.com 356 (SC). No doubt in the said case the Hon ble Bombay High Court was of the view that the transaction charges paid by the member of the M/s. Bombay Stock Exchange to transact business of sale and purchase of shares amounts to payment of a fee for technical se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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