Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
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ITAT allowed the assessee's appeal, deleting additions on account of BSE F&O loss and currency derivative loss. It held that the ex parte interim SEBI order, which formed the sole basis for the AO and CIT(A) to treat the losses as non-genuine, had been set aside and therefore had no binding force. The subsequent SEBI final order related to National Spot Exchange Limited and was held inapplicable to trades executed on the BSE platform. ITAT noted that the assessee had produced contract notes, bank statements, and broker account statements, with no adverse material brought by the Revenue, and held there is no legal bar on routing trades through any stock broker.
ITAT allowed the assessee's appeal, deleting additions on account of BSE F&O loss and currency derivative loss. It held that the ex parte interim SEBI order, which formed the sole basis for the AO and CIT(A) to treat the losses as non-genuine, had been set aside and therefore had no binding force. The subsequent SEBI final order related to National Spot Exchange Limited and was held inapplicable to trades executed on the BSE platform. ITAT noted that the assessee had produced contract notes, bank statements, and broker account statements, with no adverse material brought by the Revenue, and held there is no legal bar on routing trades through any stock broker.
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