https://www.taxtmi.com/caselaws?id=165511 Securities Transaction Tax is charged on the purchaser or seller in a taxable securities transaction, while a stock exchange or prescribed person acts only as collector and remitter. Where a share broker merely collected STT from clients and paid it to the Government, without being purchaser or seller, the payment did not attract disallowance under section 40(a)(ib). The restriction on relief under section 88E was likewise inapplicable to the intermediary. Characterising this arrangement as tax planning or a colourable device was rejected. The disallowance was deleted in favour of the assessee. en-us Wed, 24 Feb 2010 00:00:00 +0530 Mon, 28 Jul 2014 10:43:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165511 Securities Transaction Tax is charged on the purchaser or seller in a taxable securities transaction, while a stock exchange or prescribed person acts only as collector and remitter. Where a share broker merely collected STT from clients and paid it to the Government, without being purchaser or seller, the payment did not attract disallowance under section 40(a)(ib). The restriction on relief under section 88E was likewise inapplicable to the intermediary. Characterising this arrangement as tax planning or a colourable device was rejected. The disallowance was deleted in favour of the assessee. Case-Laws Income Tax Wed, 24 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165511