https://www.taxtmi.com/caselaws?id=214558 A broker's collection of Security Transaction Tax on behalf of clients was held not to form part of taxable brokerage income, because the tax liability lay on the client and the broker acted only as collection agent. Loss from error trades was remanded for factual verification to determine whether it was a genuine business loss. Section 14A disallowance could not be made by applying Rule 8D for the relevant year and had to be estimated reasonably. Transaction, VSAT and lease line charges were not disallowable under section 40(a)(ia), and payments for breach of stock exchange bye-laws were not hit by section 37(1). Bad debt and unreimbursed out-of-pocket expenses were allowable. en-us Fri, 29 Jun 2012 00:00:00 +0530 Fri, 06 Jul 2012 07:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214558 A broker's collection of Security Transaction Tax on behalf of clients was held not to form part of taxable brokerage income, because the tax liability lay on the client and the broker acted only as collection agent. Loss from error trades was remanded for factual verification to determine whether it was a genuine business loss. Section 14A disallowance could not be made by applying Rule 8D for the relevant year and had to be estimated reasonably. Transaction, VSAT and lease line charges were not disallowable under section 40(a)(ia), and payments for breach of stock exchange bye-laws were not hit by section 37(1). Bad debt and unreimbursed out-of-pocket expenses were allowable. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214558