TaxTMI 
TaxTMI 
2005 (8) TMI 617
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....nd Rs. 26,25,569 in the assessment year 1998-99, payable to SEBI is neither tax nor duty payable to any State or Central Government and not covered under the provisions of section 43B of the Income-tax Act. 2. The facts in this regard borne out from the orders of the lower authorities are that the assessee who is a member of the National Stock Exchange has debited a sum of Rs. 26,25,569 in the assessment year 1997-98 and Rs. 10,95,853 in the assessment year 1998-99 under the head SEBI turnover charges. The assessee has also given a note in its Schedule "L" on this issue stating that Rs. 26,25,569 debited to the profit and loss account relating to SEBI turnover charges has not been paid by the entity because of the dispute with SEBI and m....
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....nternational P. Ltd. [1997] 225 ITR 831. 3. The contentions of the assessee were not accepted by the Assessing Officer. He observed that any amount collected by way of bills raised by the assessee has to be considered as part of a receipt and the Revenue has to be recognised with the raising of the bills in the case of mercantile system of accounting. Admittedly, the assessee maintained its accounts on mercantile basis and, therefore, the amount has accrued as income in the year in which bills have been raised. Therefore, the assessee is right in showing it as receipt in the trading account. With regard to the applicability of section 43B in this case, the Assessing Officer observed that the SEBI is a Government regulatory body and has l....
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.... of the Securities and Exchange Board of India. Management of the Board is also to be constituted by the Government as per section 4 of the Act. The term of office and conditions of services of the Chairman and member of the Board were also defined under this Act. The powers and function of the Board are enshrined in section 11 of the Act under Chapter IV according to which, the Board is empowered to levy fees of the charges for carrying out the purposes of this section. The Board has also been conferred with the powers as vested in the civil court under the Code of Civil Procedure. The Board is also empowered to issue directions, conduct investigations and grant registration to stock brokers, sub-brokers, transfer agents, etc. The Board is....
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....edly, the SEBI is a creature of the Act, namely, the Securities and Exchange Board of India Act, 1992. Through section 11 of this Act, a duty has been cast on the Board to protect the interests of the investors in securities and to promote the development and to regulate the securities market by such measures as it think fit. The Board may issue the instructions to regulate the business in a stock exchange and the Securities Market. The Board has also armed with the same powers as are vested in the civil court under the Civil Procedure Code, 1908 while trying a suit in respect of certain matters. The Board is also conferred with the powers to issue directions and conduct investigations in certain matters and also to grant registration to a ....