CBDT issues note to Income
tax Department Mumbai, directs Dept. to file affidavit before Bombay HC that
STT shall be applicable to delivery based derivative transactions; CBDT takes a
view that transaction of derivative contract being settled by physical delivery
of shares is not any different from transaction in equity shares where contract
is settled by actual delivery or transfer of shares ; Therefore,
CBDT instructs Dept. to clarify to HC that the rates of STT as applicable
to delivery based equity transactions shall also be applicable to such
derivative transaction; States that legal mandate of STT is
wide enough to cover these transactions
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