https://www.taxtmi.com/caselaws?id=393423 Under the securities transaction tax framework, liability is tied to the statutory collection mechanism under the Finance (No. 2) Act, 2004 and Rule 3 of the STT Rules, 2004, which look to trades executed under the relevant client code through member brokers and payment to the Central Government. Where tax was in fact collected through brokers under client codes and credited to the Government, the stock exchange could not be fastened with short-collection liability for a broker's failure to use the correct client code or apply the correct rate beyond that mechanism. The addition, interest and penalty were therefore deleted. en-us Mon, 03 Feb 2020 00:00:00 +0530 Mon, 31 Aug 2020 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393423 Under the securities transaction tax framework, liability is tied to the statutory collection mechanism under the Finance (No. 2) Act, 2004 and Rule 3 of the STT Rules, 2004, which look to trades executed under the relevant client code through member brokers and payment to the Central Government. Where tax was in fact collected through brokers under client codes and credited to the Government, the stock exchange could not be fastened with short-collection liability for a broker's failure to use the correct client code or apply the correct rate beyond that mechanism. The addition, interest and penalty were therefore deleted. Case-Laws Income Tax Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393423