https://www.taxtmi.com/caselaws?id=311116 In securities-market manipulation cases, reversal trades may be inferred from the overall pattern of opposite trades even when executed across different days, if the trading conduct shows a conscious manipulative scheme and a false market appearance. Applying that approach, the back-and-forth trades were treated as reversal trades and that finding was sustained. For disgorgement, unlawful gains were computed on actual purchase and sale prices with excess buy or sell positions, while brokerage and similar trading expenses were disallowed as fraud-related costs. Only statutory levies such as securities transaction tax and SEBI turnover fee were permitted as deductions. The recalculated unlawful gains and joint and several disgorgement with interest were confirmed. en-us Fri, 31 Jul 2020 00:00:00 +0530 Sat, 09 Dec 2023 08:56:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311116 In securities-market manipulation cases, reversal trades may be inferred from the overall pattern of opposite trades even when executed across different days, if the trading conduct shows a conscious manipulative scheme and a false market appearance. Applying that approach, the back-and-forth trades were treated as reversal trades and that finding was sustained. For disgorgement, unlawful gains were computed on actual purchase and sale prices with excess buy or sell positions, while brokerage and similar trading expenses were disallowed as fraud-related costs. Only statutory levies such as securities transaction tax and SEBI turnover fee were permitted as deductions. The recalculated unlawful gains and joint and several disgorgement with interest were confirmed. Case-Laws SEBI Fri, 31 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311116