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TMI Blog2016 (7) TMI 1284X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act. Therefore, the same is not liable to be deducted. This issue has further came into existence in the assessee’s own case for the A.Y.2010-11 wherein ITAT while deciding the matter in the assessee’s own case has also decided the issue in favour of the assessee on relying the case decided by the Hon’ble Tribunal M/s. Kotak Securities Ltd. (Supra). - Decided in favour of assessee. - I. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding company of all companies of IL FS group. The Principle business comprises of investments in group companies granting of loans and advances only to group companies and managing its own business centre. During the course of survey, statement of Mr. S. Srinivas, Vice President (Taxation) was recorded u/s.131 of the Act and it was pointed out to Mr. S. Srinivas, that the expenses incurred on ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal on the assessee in the case of M/s. Kotak Securities Ltd. in ITA No.6657/Mum/2011 dated 03.02.2012 for the A.Y.2004-05. In the said judgment it was held that no TDS was payable on the bank guarantee commission charges u/s.194H of the Act. Feeling aggrieved the revenue has filed the present appeal before us. 3. We have heard the arguments advanced by the learned representative of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decided the issue in favour of the assessee on relying the case decided by the Hon ble Tribunal M/s. Kotak Securities Ltd. (Supra). This issue has been squarely covered by the above said judgement, therefore honoring the judgement of the Hon ble Tribunal mentioned above and finding nothing contrary material against the finding of the said judgement, we are of the view that learned CIT(A) has deci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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