Therefore, the respondent arranged finance by way of internal Vyaj Badla of Rs. 46,95,900/- and issued a bill dated 21st March ... petitioner. It is stated that as it was a Vyaj Badla transaction, the respondent had maintained a separate account for the same. It is stated
assessee.
4. The third dispute is regarding disallowance of vyaj badla interest
of Rs.25,88,127/- and addition ... enhancement of account of net credit in vyaj badla
transactions. The AO noted from the special audit report that the
assessee had debited brokerage
respondent a sum of Rs. 3 lakhs on account of "Vyaj Badla Transactions" which were not repaid by him. As the respondent denied ... ground that there were no contract notes and that the alleged Vyaj Badla Transactions were not done through the Bolt i.e. on the computerised
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rental income, interest income and "Vyaj Badla". In some AYs, the
Petitioner earned income from "Vyaj Badla ... particular AY
when it did not earn any income from the Vyaj Badla business, has been
treated as business income.
3. Aggrieved by the order
regards to the order
of CIT(A) in confirming that vyaj badla income be assessed under the head income
from other sources instead ... assessee-trust has earned Rs.9,79,239/- as interest from Vyaj
Badla and in the return of income, this income
time of inspection and thereafter they were rectified and placed in Vyaj Badla transaction. However, there was no material to suggest that the member ... that subsequent to the inspection, these deposits have been treated as Vyaj Badla financing, it is not shown whether SEBI guidelines as discussed before
FIPL:
previous (a) treating Vyaj Badla transactions
years) as transactions of purchase and
(Current year sale of shares and holding the
loss was Rs. shares ... FIPL:
previous (a) treating Vyaj Badla transactions
years) as transactions of purchase and
(Current year sale of shares and holding the
loss was Rs. shares
that the assessee received income of Rs. 21,67,902/- from Vyaj Badla transactions conducted at Bombay Stock Exchange. This amount was not included ... position was the opposite in the case of Undha Badla or Teji Badla. Thus, Vyaj Badla finance was a short-term investment for say about
case, the Id. CIT(A)
has erred in confirming vyaj badla income of Rs. 15,98,244 as interest income
instead of short term capital ... after
making addition of Rs.15,98,244/- on account of vyaj badla income.
The grievance of the assessee is that ld. Assessing Officer should
Mehta, I had number of other clients.
2. The term "Vyaj Badla Transaction" is a Indian Terminology.
There used to be a mechanism ... full amount of investment in his pocket, will rely on Vyaj Badla
Mechanism of the Bombay Stock Exchange, where those who had
excess funds
