TaxTMI 
TaxTMI 
2018 (2) TMI 676
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....J. For The Petitioner : DARSHAN R PATEL, ADVOCATE for the Petitioner(s) No. 1 For The Respondent : MRS MAUNA M BHATT, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. These petitions arise in common background. They have been heard together and disposed of by this common judgement. For convenience, we may record facts from Special Civil Application No. 16788 of 2017....
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....oceedings in the related cases, it was found that the above groups were indulged in booking the contrived losses by misutilization of NMCE platform and these losses were used to set off against the other incomes. As per the information provided, the assessee, Narendrakumar Mahasukhbhai Patel, has booked contrived losses of Rs. 16,51,096/- by misutilization of NMCE platform, through the br....
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....contended as under: "1. The very information, on the basis of which you have formed an opinion that I have booked contrived losses and used these losses to set off against other income, is factually incorrect. 2. In fact there is profit of Rs. 16,51,096.18/- which has duly been included in my accounts as well as original return of income. Therefore in my case there is no income w....
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....r issuing the notice, the department had information suggesting that one R.P.Jambuwala, a commodity trader was indulging in booking the contrive losses by utilizing NMCE platform. These losses would be set off against other income. In case of the assessee he had booked such contrived losses to the extent of Rs. 16.51 lacs (rounded off) through NMCE platform operating through the proper M/s. R. P. ....