CASE LAW
2016-TIOL-37-SC-IT
CIT Vs KOTAK SECURITIES LTD: SUPREME COURT OF INDIA (Dated: March 29, 2016)
Income Tax - Sections 9(1)(vii), 40(a)(ia) & 194J
Keywords - technical services - stock exchange services - TDS - exclusive services
Whether services made available by Stock Exchange to its members like fully automated faceless screen based transaction, constant upgradation of services, surveillance of the essential parameters would qualify as 'technical services', when there is no exclusivity in such services and are available to all members trading on the the stock exchange - NO: SC
Whether such stock exchange services satisfies the test of specialized, exclusive and individual requirement of the user or consumer which is expected to be met by a service provider rendering technical service - NO: SC
Whether therefore such services would attract the applicability of Section 194J - NO: SC
Whether disallowance can be made u/s 40(a)(ia) for failing to deduct TDS on payment to stock exchange for rendering such services - NO: SC
Revenue's appeal dismissed
CIRCULAR
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