Page 2 of 12
Commodity Exchange of India Limited (in short 'NMCE') was shown by the
assessee under the head "income from ... broker M/s. Jagtarni Commodities Pvt. Limited and exchange i.e.
NMCE. In response, NMCE vide letter dated 29.12.2015 informed the
Assessing Officer that
turn to National Multi
Commodity Exchange of India Limited (for short ‘NMCE’), which is an
association registered under the provisions of the said Act. NMCE ... ICEL’), who is the Appellant before us, emerged as
the successor of NMCE.
5. Respondent No. 1 herein, Neptune Overseas Limited (for short
Commission
(FMC), it was found that on the National Multi Commodity
Exchange (NMCE) platform, there were bogus clients who were
used to make market artificially ... trades and it was also found that such contrived
losses booked on NMCE were used to set off the other genuine
profits booked on other
exchange was named as National MultiCommodities Exchange of
India Ltd (NMCE). The said exchange was started by the petitioner
jointly with the Central Warehousing ... Gupta was its founding promoter and
Managing Director. The business of the NMCE was to provide an on
line trading platform for the training
alleged to have been committed by the National
Multi Commodity Exchange (“the NMCE”) were mentioned and the
Commission's intervention was sought. The complaint ... pertained
to trading irregularities and abuse of its position in NMCE by
M/s. Neptune Overseas Limited (“NOL”), the anchor Promotor of
NMCE. The Report
National Multi Commodity Exchange
(hereinafter referred to as the 'NMCE') treating it to be bogus. Briefly stated, the facts of
the present case ... losses incurred by the
assessee in commodity transactions conducted on the NMCE platform. Inviting our
attention to the appellate orders impugned in these appeals
earned by it from
commodity profit from National Multi Commodity Exchange (NMCE) during the Financial
Year 2010-11. The Assessing Officer in his order ... loss made by the assessee
from commodity trading on a platform of NMCE and he made an addition of
2
ITA No. 1622/Kol/2019
facts in deleting the disallowance of
contrived losses on NMCE(Rs. 14,89,59,801/-) by
overlooking the glaring evidences/findings of synchronized
trades executed ... assessee with a cluster of
brokers/counterparties on NMCE exchange which had
resulted in excessive losses which were then set-off against
profits from other
erred in deleting the disallowance of bogus
losses booked through NMCE amounting to Rs. 6,18,87,338/-"
2. Briefly the facts ... Loss (Rs)
MCX 20,95,09,389.10
NCDEX (-) 5,79,04,877.16
NMCE (-) 6,18,87,338.87
ACE (-) 23,34,534.69
Grand Total
speculation business in
commodities done at National Multi Commodity Exchange
(NMCE), Ahmedabad. The said re turn was processe d u/s.
3
ITA No.2508 ... derived
speculative income from commodities through
member/broke r of NMCE, Fast Track Marchants Pvt. Ltd.
Ld. AO further noted that trades were executed with
