Payment towards brokerage service not covered as FTS/FIS is not taxable in India

ITO Vs Macrotech Developer Ltd. (ITAT Mumbai) ITAT Mumbai held that there is no element of technical knowledge, experience, skill knowhow or process in the rendering of brokerage services. Therefore, the payment of brokerage by the assessee to the brokers not being covered as FTS/FIS is not taxable in India either pursuant to Sec. 9(1)(vii) Facts- Assessee is engaged in the business of land development and construction of real estate properties. The AO passed an order dated 31.07.2018 raising demand of Rs.1,29,23,408/- u/s 201(1) and interest of Rs.78,10,519/- u/s 201(1A) of the Act on account...