{"id":15637,"date":"2021-03-11T15:10:16","date_gmt":"2021-03-11T09:40:16","guid":{"rendered":"https:\/\/itatonline.org\/digest\/magadh-stock-exchange-association-v-cit-2020-429-itr-75-195-dtr-22-317-ctr-434-275-taxman-45-pat-hc\/"},"modified":"2021-03-11T15:10:16","modified_gmt":"2021-03-11T09:40:16","slug":"magadh-stock-exchange-association-v-cit-2020-429-itr-75-195-dtr-22-317-ctr-434-275-taxman-45-pat-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/magadh-stock-exchange-association-v-cit-2020-429-itr-75-195-dtr-22-317-ctr-434-275-taxman-45-pat-hc\/","title":{"rendered":"Magadh Stock Exchange Association v. CIT (2020) 429 ITR 75 \/ 195 DTR 22 \/ 317 CTR 434 \/ 275 Taxman 45 (Pat.)(HC)"},"content":{"rendered":"<p>The ITO disallowed the amount deducted as securities transaction tax against a trading transaction on the ground that the amount was not deposited with the authorities and therefore, the provisions of section\u00a043B\u00a0of the\u00a0Act . The Commissioner (Appeals) affirmed the order. On a writ petition challenging the vires of the provisions of section\u00a043B\u00a0dismissing the petition, the Court held that\u00a0 the assessee had not deposited the amount deducted as securities transaction tax with the authorities nor paid it back or returned it to the person from whom it was deducted. The assessee followed the mercantile system of accounting. The orders were neither perverse nor illegal to be interfered with.( AY.2006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 43B : Deductions on actual payment-Mercantile system of  Accounting-Securities Transaction Tax-Amount not deposited with authorities or returned to person from whom deducted-Disallowance of the amount -Neither perverse nor illegal. [Art. 226]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-15637","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-44d","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=15637"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15637\/revisions"}],"predecessor-version":[{"id":15638,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15637\/revisions\/15638"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=15637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=15637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=15637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}