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Sum paid to arbitrator is in nature of professional payments; sec. 194J TDS leviable: ITAT

July 29, 2019[2019] 108 390 (Delhi - Trib.)/[2019] 178 ITD 272 (Delhi - Trib.)

INCOME TAX: In case of payments made to arbitrators, since amount paid is in nature of professional services rendered by legal professionals involved in profession/occupation/vocation of arbitration, same is liable to TDS as per provisions of section 194J

INCOME TAX: Where depreciation provided in profit and loss account is at same rate as provided for purpose of profit and loss account being laid before Annual General Meeting (AGM), no addition could be made to assessee's income on ground that while calculating total income as per section 115JB, assessee had adopted rate of depreciation as per Income-tax Act instead of Companies Act in profit and loss account

INCOME TAX: Assessing Officer could not disallow 25 per cent of festival expenses claimed by assessee when books of accounts were duly audited and no discrepancy was found therein
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