2015 (10) TMI 2573

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....For the Respondent : P. J. Pardiwalla Senior Counsel, and Atul Jasani JUDGMENT 1. This appeal under section 260A of the Income-tax Act, 1961 (for short "the Act") challenges the order dated December 12, 2012 passed by the Income-tax Appellate Tribunal (for short "the Tribunal"). The impugned order is in respect of the assessment year 2006-07. 2. The Revenue has urged before us the followi....

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....any towards payment of data charges to Bloomberg even though the assessee company had not deducted tax at source on such payment made to avail professional services ? (C) Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in holding that the deeming provision of section 2(22)(e) of the Income-tax Act cannot be applied to an assessee company as the as....

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....g was essentially a payment made to subscription for a financial e-magazine. Consequently there would be no occasion to invoke section 40(a)(ia) of the Act. Thus, the expenditure was allowed. On appeal by the Revenue to the Tribunal the Department's representative appearing for the Revenue as recorded in the impugned order was not able to point out any facts which would suggest that payment of....

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....source under section 195. (d) We find that both the Commissioner of Income-tax (Appeals) as well as the Tribunal have reached a concurrent finding of fact that payments made to M/s. Bloomberg was made for subscription to e-magazines and therefore, there is no occasion to deduct tax under the Act. Thus under section 40(a)(ia) of the Act could not have been invoked. The submission on behalf of th....