Hearing opportunity is must before levying penalty on NSE for shorter collection of STT: Bombay HC

INCOME TAX : A conjoint reading of sections 105 and 108 Securities Transaction Tax (STT) would make it clear that imposition of penalty is to be proceeded separately as a separate proceeding. Merely because in assessment order, Assessing Officer comes to a conclusion that assessee had failed to collect Securities Transaction Tax (STT) or had failed to pay such STT to credit of Central Government, it would not ipso-facto lead to imposition of penalty.

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