Case Law Details
Case Name : DCIT Vs. Angel Brooking Ltd. (ITAT Mumbai)
Related Assessment Year :
Courts :
All ITAT ITAT Mumbai
RELEVANT PARAGRAPH
7. We have heard the rival submissions. The relevant provisions of law may be referred to for the purpose of clarity.
194-J FEES FOR PROFESSIONAL OR TECHNICAL SERVICES.
(1) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of –
(a) fees for professional services, or
(p) fees for technical services,
shall, at the time of credit of such sum to the account of the payee or at the time of payment thereof In cash or by issue of a cheque or draft or by any other mode, whichever is earli...
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Now in view of the series of judgments by Madras HC, and Mumbai ITAT in the case of Kotak Securities also, the department should not press for deduction and disallowance of expense rather should issue a clarification on the matter for uniform practice to be adopted by all the stock brokers and exchanges.