2011 (7) TMI 1298

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....gh ORDER Pramod Kumar (Accountant Member) 1. By way of this appeal, the assessee appellant has challenged correctness of CIT(A)'s order dated 11th March, 2010, in the matter of assessment under section 143(3) of the Income tax Act, 1961, for the assessment year 2007-08 on the following grounds: "1. On the facts and circumstances of the case and in law, the CIT(A) erred in confirm....

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....of scrutiny assessment proceedings, the Assessing Officer noticed that the assessee had paid an amount of Rs. 4,61,769 towards brokerage on commodities hedging transactions, but did not deduct the tax at source from such brokerage payments. The Assessing officer, accordingly, disallowed Rs. 4,61,769 u/s.40(a)(ia) of the Income tax Act. Aggrieved, assessee carried the matter in appeal before the CI....

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....okerage" includes any payment received or receivable, directly or indirectly, by a person acting on behalf of another person for services rendered (not being professional services) or for any services in the course of buying or selling of goods or in relation to any transaction relating to any asset, valuable article or thing, not being securities." 5. A plain reading of the above provision mak....

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....ceipt as defined in clause (eg) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest , 2002;] [(id) units or any other such instrument issued to the investors under any mutual fund scheme;] (ii) Government securities; (iia) such other instruments as may be declared by the Central Government to be securities; and ....