comprising
₹18,49,620 received from sale of duty credit scrips under the
Foreign Trade Policy and ₹3,21,741 from foreign exchange gain ... factual circumstances is arbitrary and lacks
legal merit.
6. The duty credit scrips received are sanctioned under an export
promotion scheme by the DGFT
prices of scrips traded by him
including PSL Financial Services Ltd., Sangotri Constructions Ltd.,
Richfield Financial Services Ltd., Stenly Credit Capital Ltd.,
Excellon Agencies ... fraudulent and unfair practices
while rigging the prices of scrips of Minolta Finance Ltd, Stenly
Credit Capital
Spectra Shares & Scripts Pvt.Ltd.,, ... vs Assessee on 31 March, 2011
IN THE INCOME
Development Credit Bank Ltd. 323 ITR 206 (Bom.)
10. Spectra Shares & Scrips
rate also depends upon credit rating of company
issuing debentures, period of maturity, frequency of interest
payment, nature of scrip whether NCD/CCD/OFCD,
turnover
following
judgments:
i) Spectra Shares & Scrips Pvt ltd (2013) 36 taxmann.com 348
(AP)
ii) Development Credit Bank Ltd(2011) 196 Taxman
consideration.
11. The Ld. CIT ought to have appreciated that the MAT credit
of Rs. 12,99,195/claimed by the assessee has been correctly ... proposition he relied on the decision in the case
Spectra Shares & Scrips (P) Ld., 36 Taxman 348 (AP High Court).
Further, he submitted that
Surabhi Chemicals
& Investments Ltd (SCIL) cannot be treated as unexplained cash
credit u/s 68 of the I.T. Act, 1961. In the said ... Kedia & Other
admitted in the statement that he has used the scrips of SCIL for
booking bogus Long-Term Capital Gain and for this
Surabhi Chemicals
& Investments Ltd (SCIL) cannot be treated as unexplained cash
credit u/s 68 of the I.T. Act, 1961. In the said ... Kedia & Other
admitted in the statement that he has used the scrips of SCIL for
booking bogus Long-Term Capital Gain and for this
based on the
different business activities of the assessee providing the credit
facility and banking facility to the outsiders as considered ... jurisdictional High Court in the case of Spectra Shares &
Scrips (P) Ltd vs. CIT (354 ITR 35) has held in para
