credits made in the DEPB during the relevant period and paid taxes accordingly, even though the specific entry with regard to credit in the DEPB ... transaction between the sale of REP licence/Exim scrip and the sale of credit of DEPB. He also placed reliance on the judgment
November
2003, informing about some fictitious and non genuine trades in scrip of BGSL
after which Appellant stopped all transactions of those clients of Appellant ... that when they
sell BGSL scrip, market shares, money coming in account of Mahesh Mistry with
Appellant will be credited to Appellant and this money
against a
credit balance of Rs. 5,55,079.16 on March 25, 2009 and was given the
same. The account remained un credit till ... made payments to them in excess
of their credit balance along with name of clients, scrip in which they have traded
and their ledger statements
trading in scrip of ASCL was placed by him, nor he received /
made payment for sale / purchase of ASCL scrip. A perusal of account ... reveals any
payment / receipt for his dealing in scrip of ASCL or any other scrip during
this period. A perusal of his statement of account
Credit Suisse Securities (India)
Private Limited ("CS" for short) as merchant banker
of L&T conducted market gauging for LTFH scrip
important risk management technique is the daily margining, i.e.,
collateralization of credit risk. Here margining is not static and has to be
recalculated ... rises or falls. On the
basis of his volatility in any given scrip, the clients are asked for margin
money over and above the initial
further revealed that as
on March 6, 2013 the price of the scrip ... Fact that the appellant had the same address as that of Avisha Credit
and Vishvas Projects Ltd., an entity allegedly connected to the Vishvas
Group
market rate and
exchange closed out the trade crediting the difference to the appellants
account as the counter party did not meet the obligation; allegation ... investigation period and hence having a long term view in the
scrip; no collusion with promoters of SJC, not party to any manipulation or
fraud
Memorandum of Appeal) records that
there were no debit and credit entries in the demat
statement of the Agrawal family during the
investigation period ... have not been utilized for
manipulating the price or volume in the scrip of EIIL,
the AO is not justified in holding that the appellant
prevailing market price. PK had created artificial
buying pressure in the scrip by manipulating the order
book. Out of the large buy orders placed ... intention was
only to create a false appearance of volume in the
scrip and he was not a genuine buyer.
j) PK was counterparty
