Had Failed To Deduct Tds Thereon? v. Kotak Securities Ltd. Reported In {2012} 340 Itr 333 (Bom

ASN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1137 OF 2011 The Commissioner of Income Tax-4. v.HDFC Securities Ltd. ..Appellant. ..Respondent. Mr. Vimal Gupta, Sr. Counsel with Ms. Padma Divakar for the Appellant. Mr. A.K.Jasani for the Respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATE : 09TH JANUARY, 2013 PC: This appeal by the revenue against the order dated 2/2/2010 of the Income Tax Appellate Tribunal relating to assessment year 2005-06 raises the following question of law for consideration by this Court. a)Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in holding that Data processing/transaction charges paid to the Stock Exchange by the assessee company amounting to Rs.42,40,116/- was allowable as a deduction from taxable income even though the assessee had failed to deduct TDS thereon? b)Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in holding that Data processing/transaction charges paid to the Stock Exchange by the assessee company were not paid in consideration of technical services rendered by the Stock Exchange within the meaning of Section 194J read with Explanation 2 to Section 9I1)(vii) of the Income Tax Act? 2)The Advocate for the appellant and the respondent states that the issue raised in the above two questions are covered by the decision of this court in the matter of CIT v. Kotak Securities Ltd. reported in {2012} 340 ITR 333 (Bom.). 3)In view of the above, the appeal is disposed of in terms of the order in the matter of Kotak Securities Ltd. (supra). No order as to costs. (M.S.SANKELCHA, J.) (J.P. DEVADHAR, J.)