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2018 (10) TMI 809 - HC - Income TaxRefund claim - deduction of tax known as security transaction tax by BSE - ED directed the BSE to annul the trade in the shares of KRBL Limited and refund the money back to the petitioners - Held that:- The refund was made of the amount and forwarded for trading in the shares by the petitioners, by the BSE. It is the BSE, who, according to the petitioners, deducted the tax known as security transaction tax and refunded the balance amount to the petitioners. The amount of the security transaction tax deducted by the BSE has been remitted to the Income Tax Department by the BSE. Therefore, the stand of the Income Tax Department and from the pleadings in the writ petition itself is that it is the BSE who will have to seek refund and the petitioners cannot seek refund from the Income Tax Department and by impleading the BSE as party respondent. This stand taken by the Income Tax Department appears to be correct. Nothing more is required other than the pleadings in the writ petition to come to a conclusion that it is respondent no. 3 who will have to seek the refund, if at all it is of the view that the security transaction tax collected and remitted ought to be refunded. Presently, the stand of the Income Tax Department, based on the pleadings in the writ petition that it is not their obligation to refund any tax amount to the petitioners, as no tax is collected by the Department from the petitioners, is accurate. That justifies the disposal of the writ petition by holding that the petitioners have alternate efficacious remedies so as to recover the sum allegedly erroneously retained by the BSE. None prevents the BSE to adopt appropriate proceedings, including moving the Income Tax Department with the claim of refund.
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