https://www.taxtmi.com/caselaws?id=326796 The stock exchange's liability under the securities transaction tax regime is confined to collecting and remitting tax through the prescribed client-code mechanism. On the stated facts, the exchange had collected tax on the basis of client codes furnished by members and had issued circulars for separate client codes for the relevant transactions. Any short-collection arising from brokers' failure to use or modify the appropriate client codes, or from non-compliance with other regulatory directions, could not be attributed to the exchange. The alleged default was therefore deleted, and the related interest, penalty, and consequential directions also failed. en-us Mon, 04 Apr 2016 00:00:00 +0530 Fri, 20 Dec 2024 14:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326796 The stock exchange's liability under the securities transaction tax regime is confined to collecting and remitting tax through the prescribed client-code mechanism. On the stated facts, the exchange had collected tax on the basis of client codes furnished by members and had issued circulars for separate client codes for the relevant transactions. Any short-collection arising from brokers' failure to use or modify the appropriate client codes, or from non-compliance with other regulatory directions, could not be attributed to the exchange. The alleged default was therefore deleted, and the related interest, penalty, and consequential directions also failed. Case-Laws Income Tax Mon, 04 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326796