The Commissioner Of Income-Tax -4, Mumbai v. M/S Puneet Securities Pvt. Ltd

Ladda IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL Lodging No. 6429 of 2010. The Commissioner of Income-tax -4, Mumbai ... Appellant. Versus M/s Puneet Securities Pvt. Ltd. ... Respondent. Mr Vimal Gupta for the appellant. CORAM : J.P. Devadhar & A.R. Joshi, JJ. DATE : 10 January,2012. P.C. :- 1.The questions of law raised in this appeal read thus : (a) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that 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 9 (1) (vii) of the Income-tax Act? (b) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that V-SAT charges and Leaseline Ladda 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 9 (1) (vii) of the Income-tax Act? 2.The assessment year involved herein is 2005-2006. 3.Counsel for the Revenue states that the similar questions raised by the Revenue in the case of the CIT vs. L.K.P.Shares & Securities Ltd being Income Tax Appeal No. 5523 of 2010, has been rejected on 10[th] January, 2011. In this view of the matter, the questions raised in this appeal cannot be entertained. Accordingly, the appeal is dismissed with no order as to costs. (A.R.Joshi,J) (J.P.Devadhar,J.)