2018 (9) TMI 463

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ngwith Mr. Aniket, Lohia, Mr. Nishirt Dhruva, Mr. Prakash Shinde, Mr. Chirag Bhavsar I/b M/s MDP For The Respondent : Mr. Gaurav Joshi, Senior Counsel alongwith Mr. T. Francis, Mr. Vivek Shah I/b M/s Economic Laws Practice Mr. Jehangir Mistry, Senior Counsel alongwith Mr. Sachin Chandarana and Mr. Ujwal Trivedi I/b M/s. Manilal Kher Ambalal & Co. And Mr. Anil Kumar Singh, ASG, alongwith Mr. Par....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....or contrary to the above position, Respondent No.2 had reserved the right to recover such additional STT from the members effective from the date as may be notified by the CBDT. 3] It was the grievance of the Petitioner that there was some anomaly with regard to STT payable on future transactions. It was their grievance that, in the event, CBDT in future comes with a policy that rate of STT on ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mmissioner of Income Tax, Mumbai by CBDT. The same is taken on record and marked "X" for the purpose of identification. It will not be necessary to refer to entire communication. Suffice it will be to refer to para 4 of the said communication, which reads thus: "4. In a nutshell, CBDT is of the view that where a derivative contract is being settled by physical delivery of shares, the tran....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ent transactions which are delivery based and derivative transactions. It has been clarified that the rate of both the transactions would be the same. 7] We find that the clarification from CBDT takes care of the situation. Once CBDT has clarified the position, all stake holders including Respondent No.2 and the members of the Petitioner - Association are now aware as to what is the amount of S....