2017 (10) TMI 101

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....TICE AKIL KURESHI) 1. Tax Appeal is ADMITTED for consideration of following substantial questions of law. "[1] Whether the Appellate Tribunal is right in law and deleting the disallowance of mark to market loss in future and option segment ? [2] Whether the Appellate Tribunal has substantially erred in deleting the disallowance made by Assessing Officer u/s.40(a)(ia) of the Ac....

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....in the nature of transfer charges. The Tribunal while reversing the view of the Commissioner of Income Tax (Appeals) observed that there were no elaborate reasons recorded to hold that the TDS was required to be deducted under section 194J of the the Income Tax Act, 1961 ('the Act' for short) and not under section 194C of the Act. The Tribunal noted that the stock exchange provides service....

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....an issue has been decided by the Supreme Court in case of Commissioner of Income Tax vs. Kotak Securities Ltd. reported in [2016] 383 ITR 1 (SC) in which reversing the judgement of the Bombay High Court, the Supreme Court has held that the brokers make payment to the stock exchange for the facilities of faceless screen based transactions made available at the stock exchange which was compulsory fo....