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Fair forex dealers pvt ltd


fair forex dealers pvt ltd

In his assessment order dated framed u/s. It was not for the Tribunal to have guess work as to for what purposes the appellant wanted to cross-examine those dealers and what extraction the appellant wanted from them. Aachr6854D, v/S, v/S, rakesh Saraogi Sons (HUF) C/o. (DIR Series) Circular. The demat account was in the name of the assessee, from where the shares were sold. Also tried to draw support from the decision of the CIT(A Raipur in Appeal. Having heard the rival contentions at length, we have carefully perused the orders of the authorities below and with the assistance of the. Agrawal was examined by coinomi bitcoin private wallet the ddit (Inv. After the restoration of the appeal, the. It is to be borne in mind that the order of the Commissioner was based upon the statements given by the aforesaid two witnesses.

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5 dated August 1, 2005 and.P. Shri Mukesh Choksi may have been providing accommodation entries to various persons but so far as the facts of the case in hand suggest that the transactions were genuine and therefore, no adverse inference should be drawn. As mentioned above, the appellant had contested the truthfulness of the statements of these two witnesses and wanted to discredit their testimony for which purpose it wanted to avail the opportunity of crossexamination. Nothing is brought on fair forex dealers pvt ltd record to show that the findings recorded by the Tribunal are contrary to the documentary evidence on record. 10(38) Bogus Capital Gains Penny Stocks: Assuming brokers may have done manipulation, assessee cannot be held liable when the entire transaction is done through banking channels duly recorded in Demat accounts with Govt depository and traded on stock exchange. Therefore, the prese/itdppeal does not raise any question of law, much less any substantial question of law. The sebi vide order dated had terminated and vacated the ad interim order by which trading in the shares of Nageshwar Investment Ltd. Therefore, on such concession, we heard the representatives on the facts of ITA. Order pronounced in Open Court on Sd/- Sd/- (RAM LAL negi) (N. You are, therefore, once again requested to expedite the matter. Incidentally, there is no mention of the other scrips Gautam Resources Pvt. We will now" certain judicial decisions on similar facts:-.


CIT(A) and Tribunal have both given reasons in support of their findings and have found that at the time of transactions, the broker in question was not banned by sebi and that assessee had produced copies of purchase bills, contract number. As mentioned elsewhere, the underlying facts in this bunch of appeals are similar, therefore all the appeals by the Revenue are dismissed and cross objections by the Assessee need no separate adjudication. 2004-05 in the case of Rajesh Saraogi Sons (HUF). Government has directed FIA to launch a full fledged operation against Dollar hoarding, and speculative currency trade the operation is being launched in coordination with State Bank and ministry of Finance, he wrote. People who sought to buy at the officially"d rate were told there were no dollars available. 143(3) of the Act vide order dated in which the Long Term Capital Gains declared by the assessee being earned on the sale of scrips was considered as a sham transaction and the ltcg was treated as income from undisclosed sources. Court: itat Raipur, coram:. Sales Tax Tribunal (1998) 107 STC 300 (Punjab) relied on; Umacharan Shaw Bros. He added that there was no law to arrest any person for buying dollars or keeping foreign exchange as investment, but if any institution was found involved in currency hoarding to manipulate the exchange rate, it could be investigated. Read more industry expected more from Mor panel. The Honble Apex Court held as under:- According to us, not allowing the assessee to cross-examine the witnesses by the Adjudicating Authority though the statements of those witnesses were made the basis of the impugned order is a serious. A top currency dealer, with one of the largest networks in the country, said the dollar was sold as high as Rs148, while he was buying it at Rs146.50.


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In view of the above, you are requested to submit your remand report in the matter after making necessary enquiries. No substantial question of law arises from the order of the stt. Nos: 93 to 99/RPR/2014,.O. Since we are not upholding and applying the ex factory prices, as we find them contravened and not normal price as envisaged under section 4(1 we find no reason to disturb the Commissioners orders. Doshi, dATE: April 16, 2018 (Date of pronouncement). In a video call to brokers at the Pakistan Stock Exchange, he did his best to rule out further devaluation. Representatives of both the sides agreed that the underlying facts in issues are common in all the appeals. Nor there is any reference to the transactions done by the assessee. On 23rd July, 2003. On receiving no response from the Assessing Officer, a reminder letter.


In the said remand report, the assessing Officer has routinely reproduced the observations made by the.O. 1993-94 and that assessment was accepted by the Department and there was no challenge to the purchase of shares in that year. He had made investment in a company in which he was neither a director nor was he in control of the company. Has made any specific enquiry in respect of the share transactions done by the assessee. order Date of hearing : Date of Pronouncement : PER.K. Historically, nbfcs have been playing a useful role in the credit structure of the country. AY: 2004-05, fILE: Click here to download the file in pdf format. Role of nbfcs in Financial Sector: Regulatory Challenges. Income-tax 1(1 Raipur, rakesh Saraogi Sons (HUF) C/o. Assuming that the brokers may have done some manipulation but the assessee cannot be held liable for the Act of the brokers when the entire transactions have been done through banking channels duly recorded in the Demant accounts with. Concerned, we find that rejection of this plea is totally untenable. When its spokesmans attention was drawn to the information ministers tweet, he only said that we have not been officially approached for initiating any crackdown.


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We have a mechanism fair forex dealers pvt ltd with FIA to probe a case if there is any violation of banking laws and the State Bank can ask FIA to investigate such violations. CIT(A) in this case had confirmed the addition whereas the. Has not said anything adverse insofar as the affidavit of Shri.K. The Tribunal was right in rejecting the appeal of the Revenue by holding that the assessee was simply a shareholder of the company. Ajkps0731R V/S V/S Smt. This role has been recognised by the Government and nbfcs have been permitted to raise resources to the extent of around seven times their Net Owned Fund Read more» First Quarter Review of Monetary Policy 2013-14 Read more» Financing of Infrastructure - Definition. Commissioner of Income-tax 1(1 Raipur Rakesh Saraogi Sons (HUF) C/o.


Read more» Lending Against Security of Single Product Gold Jewellery Read more» Financial Inclusion in India: Journey So Far And Way Forward Read more» Returns to be submitted by nbfcs- Introduction of Branch info return Please refer to the dnbs. Was asked to submit the remand report positively. On the strength of the aforementioned decision of the Honble Supreme Court, the assessment order has to be quashed. Read more» Permitting Non Banking Finance Companies to issue shelf prospectus - Representation to Ananta Barua, sebi nbfcs occupy a vital role in the Indian economy. Commissioner of Income-tax fair forex dealers pvt ltd 1(1 Raipur (Appellant) (Respondent) Appellant by : Smt.


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Subham Kroti, Main Road Shankar, nagar, Raipur (C.G). Read more» Inclusion dont count on banks We need thousands of small private sector financial intermediaries for promoting financial inclusion. Thus, it can be seen that in the decision relied upon by the. CIT(A) specifically asked the.O to enquire from the brokers mentioned in column 5 of the table mentioned by the. There was no material before the AO, which could have lead to a conclusion that the transaction was simplicitier a device to camouflage activities, to defraud the Revenue. Economic Times live Mint nDTV Profit». Lower prices generated another surge in quarterly jewellery demand Read more» Overseas Direct Investments Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to the Read more» Liberalised Remittance Scheme for Resident Individuals Liberalised Remittance. The assessee had taken shares from the. In the assessment order dated framed u/s. RBI hikes lending limit of nbfcs upto. Times of India business Standard the Telegraph first Post». Consequently, no question of law, much less a substantial question of law, arises for adjudication.


Considering the facts of the case in hand in totality in the light of the judicial decisions discussed hereinabove, we do not find any merit in the appeal filed by the Revenue and therefore decline to interfere with the findings of the. (Steels) Sales Subhash Road, Raipur (C.G) PAN. As the meeting at the State Bank was under way, Finance Minister Asad Umar was busy trying to assuage sentiments in another section of the financial markets. Moreover, yn the light of the documentary evidence adduced to show that the shares purchased and sold by the assessees were in conformity with the market price, the Tribunal recorded a finding of fact that the cash credits. He was adamant that exchange companies were faced with a genuine shortage and were not involved in hoarding the greenback. Nbfcs are at times required to freeze the term deposits of customer based on the orders of the enforcement authorities or the deposit receipts are seized by the enforcement authorities. There is ITA Nos.


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(broker) in his affidavit dated exhibited at pages 139 to 144 of the paper book fair forex dealers pvt ltd has solemnly affirmed the transaction which are exhibited at pages 141 of the paper book. Market, the shares were listed and the transaction took place through a registered broker of the stock exchange. RBI asks nbfcs to get ready for Settlement of Dues through Lok Adalat to be held on November 23, 2013. When asked how they will determine whether a buyer is genuine or not, he said: We will check their documents. Read more» Raghuram Rajan is the next RBI Governor Chief Economic Advisor Raghuram Rajan will be the next Reserve Bank of India (RBI) Governor after incumbent D Subbarao retires in September.


fair forex dealers pvt ltd

After this, comes the Haj season when a second spike is expected. On the street, exchange companies were"ng selling rates of Rs143 to a dollar, mainly because of the pressure from the State Bank, but these were not applicable in the market, according to currency traders. Verbal directives were issued by the interior secretary who directed the FIA (Federal Investigation Agency) to consult deputy governor of the State Bank for this crackdown, the sources added. Read with Section 11 (4 a 11 (4 b) and Section 11 (1) and 11B of sebi Act issue further directions as under, pending investigation that: A) Taking into consideration of findings mentioned at paragraph.2 above. Read more» Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT) - Unique Customer Identification Code for Banks Customers in India (ucic) Please refer to our circular.No.325/03.10.42/2012-13 dated May 3, 2013 on the captioned subject, advising. 4228 of 2006 was seized with the following action of the Tribunal:-.


CIT (.1958) 34 ITR 501 (Ker) and ITA Nos. Read more pRE-budget memorandum - issues relating TO asset financing nbfcs. Billaiya (AM), Ram Lal Negi (JM section(S 10(38), 45,. Commissioner of Income-tax 1(1 Raipur V/S Shri Rajesh Kumar Saraogi C/o. In view the above, we are of the opinion that if the testimony of these two witnesses is discredited, there was no material with the Department on the basis of which it could justify its action, as the statement. The Honble Supreme Court in the case of Andaman Timber Industries in Civil Appeal. Committee on Comprehensive Financial Services for Small Businesses and Low Income Households. As far as the Tribunal is ITA Nos. Kolkata without making any independent decision. From the documents produced, it is seen that the shares in question were in fact purchased by the assessees on the respective dates and the company has confirmed to have handed over the shares purchased by the assessees. Raman, sebi nbfcs occupy a vital role in the Indian economy. Had relied upon the decision of the Honble Bombay High Court in the case of Bimalchand Jain in Tax Appeal. Sheetal Shashwat Verma Respondent by : Shri.B.


Read more key Features of Budget, read more». However, no such opportunity was granted and the aforesaid plea is not even dealt with by the Adjudicating Authority. Read more gold loan lenders start lowering rates. Subham Kroti, Main Road Shankar Nagar, Raipur (C.G pAN. The relevant part of the letter read as under:- In this case, the Honble itat, Bilaspur Bench, Bilaspur vide, their order in ITA.456/Nag/2008 dated 26th June, 2009 has restored the matter back to the file of the undersigned. After lapse of more than two years, the.O. Later, Information Minister Fawad Chaudhry took to the social networking website to announce the decision in a tweet riddled with typos. (2010) 41 DTR (Nag) (Trib) 105: (2010) 133 TTJ (Nag) 818 affirmed; Sumati Dayal. Karachi: Signs of panic are now appearing in foreign currency markets as the dollar touched Rs148 in open trading on Friday and the information minister announced that a full-fledged operation against fair forex dealers pvt ltd dollar hoarding and speculative currency trade is going to be launched. In less than four hours, the tweet had been liked by more than 5,100 people and re-tweeted on by 1,100 others and a lively exchange ensued in its replies. Date: December 8, 2018 (Date of publication). In the sebi order.


Rakesh Saraogi Sons (HUF) (itat

Representatives; we have considered the relevant documentary evidences brought on record in the form of a paper book in the light of Rule 18(6) of the itat Rules. In exercise of powers conferred interms of Section 19 read with Section 11 and 11 B of SEBl Act, 1992, hereby direct that the proceedings against Nageshwar investment Ltd., Adinath Bio-labs Ltd., Globe Stocks Securities Ltd., Goenka Business Finance. As directed by him vide its letter dated which might have been completed by the.O by now and also the orders of the sebi dated. And confirmed the impugned transactions. It would be pertinent to note that in the impugned order passed by the Adjudicating Authority he has specifically mentioned that such an opportunity was sought by the assessee. Mr Bostan described genuine buyers as travellers, students, pilgrims and people who need foreign exchange for health purposes. Following the meeting, Forex Association of Pakistan president Malik Bostan told Dawn that it had been decided that only genuine buyers could buy dollars from the open market. The dispute was whether the profit earned on sale of shares was capital gains or business profit. Therefore, the appeal of the revenue is fair forex dealers pvt ltd allowed for statistical purposes. The entire assessment is based upon the statement of Shri Mukesh Choksi. The case of the appellant is squarely covered by the decision in commissioner OF income TAX.


fair forex dealers pvt ltd

Purchase contracts are exhibited from pages 54 to 57 of the paper book and the sale contracts are exhibited at pages 58 to 61 of the paper book. In the light of the decisions of the Honble Supreme Court in the case of Andaman Timber Industries (supra) and considering the facts in totality, the claim of the assessee cannot be denied on the basis of presumption. Dealers say exchange rate hits Rs148 amid shortages. Billaiya) judicial member True Copy accountant member raipur: Dated 16 /04/2018. Pushpa Malpani reported in (2011) 242 CTR (Raj.) 559; (2011) 49 DTR 312 dismissed the appeal ITA Nos. Firstly, in that ITA Nos. And again vide letter. Therefore, the fact that some of the transactions were off-market transactions cannot be a ground to treat the transactions as sham transactions. The Tribunal has simply stated that cross-examination of the said dealers could not have brought out any material which would not be in possession of the appellant themselves to explain as to why their exfactory prices remain static. Once again, no response given by the.O. However, he said there was no discussion about any impending crackdown or law enforcement action of any sort. CIT(A therefore, needs no separate adjudication.


And the gains were treated as business profit of the assessee by treating the sales of the shares within the ambit of adventure in nature of trade. The State Bank told Dawn later in the evening that it was unaware of any decision about a crackdown. Billaiya, accountant member:. All the shares purchased were routed through the Demat account with the depository stock holding corporation of India Ltd. High court OF bombay : nagpur bench dated 23rd September, 2010 reported in (2010) 236 CTR (Bom) 32 : (2010) 328 ITR 656 : (2010) 46 DTR 271wherein it was held that: The fact that the assessees. Sunita Saraogi 513/2, V/S Smt.


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(Steels) Sales Subhash Road, Raipur ITA Nos. It is an admitted fact that the brokers replied to the notices sent by the.O. Moreover, Pravin Kumar Agrawal.K. The purchase of shares was made on 28th April, 1993.e. 607 dated asked the acit 1(1 Raipur to submit a remand report in the light of the directions of the Tribunal. IN THE income TAX appellate tribunal. There is no denying that consideration was paid when the shares were purchased. We have considered the judgment relied upon by the.


However, the purchase and sale price of the shares declared by the assessees were in conformity with the market rates prevailing on the respective dates as is seen from the documents furnished by the assessees. But gold has repeatedly emerged as the winner against economists, confounded their theories and perplexed them. In our fair forex dealers pvt ltd understanding of the facts, if the shares were of some fictitious company which was not listed in the Bombay Stock Exchange/National Stock Exchange, the shares could never have been transferred to demat account. CIT(A) in the case in hand has deleted the addition. Opinion that the sebi orders now relied on by the Department can also not be ignored as they are directly related to the issue on hand before. Agrawal is concerned, nor the.O.


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In his statement and the related enquiries, there is nothing on record to suggest that the brokers have given accommodation entries to the assessee. The Demat statements are exhibited at pages 70 to 72 of the paper book. Ajjps9425P V/S (C.G) PAN. The recommendations of the Nachiket Mor Committee, released by the RBI on January 7,2014, falls short of the expectations of the nbfcs. 805 dated was again fair forex dealers pvt ltd sent to the acit 1(1 Raipur. 133A of the Act conducted ITA Nos. In view of the above, we, in the interest of natural justice and fair play, are of the view that the matter should go back to the file of the. Copies of cheques are exhibited at pages 65 to 69 of the paper book. In the absence of any cogent material in this regard, having been placed on record, the AO could not have reopened the assessment. The matter travelled up to the Tribunal and the Tribunal restored the matter to the files of the CIT(A). Read more gold Demand Trends - First Quarter 2015. Nothing on record which could suggest that the shares were never transferred in the name of the assessee. (one of the company in which the CSE suspended the transaction).


Direct and clinching evidences have been completely ignored by the.O. The company transferred the shares in the name of the assessee. During the holy month of fasting, more people travel to Saudi Arabia than in the rest of the year combined, Mr Bostan said, adding that this month saw a spike in foreign exchange purchases from the open market. The shares were thereafter sent to the company for the transfer of name. Case, the purchases were made by the assessee in cash for acquisition of shares of companies and the purchase of shares of the companies was done through the broker and the address of the broker was incidentally the address of the company. Accordingly, we direct the.O. 69 dated January 7, 2013 relating to External Commercial Borrowings (ECB). Commissioner of Income-tax 1(1 Raipur Shri Manoj Saraogi Sons (HUF) C/o. To treat the gains arising out of the sale of shares under the head capital gains- Short Term or Long Term as the case may.


Whether the goods were, in fact, sold to the said dealers/witnesses at the price which is mentioned in the price list itself could be the subject matter of cross-examination. Saraogi House Shankar Nagar Road, Raipur (C.G) PAN. We may also point out that on an earlier occasion when the matter came before this Court in Civil Appeal. The Honble High Court of Rajasthan in CIT. The profit earned by the assessee was fair forex dealers pvt ltd shown as capital gains which was not accepted by the.O. It was also placed before the relevant AO as well as before the Tribunal that the sale proceeds have been accounted for in the accounts of the assessee and were received through account payee cheque. Read more mudra Elgibility for Refinancing, read more gold Demand Trends Full Year 2014. Read more nBFCs adhere to all rules and regulations of RBI Thomas George Muthoot. Treated the ITA Nos. CIT(A) was left with no choice but to confirm the findings of his predecessor and allowed the appeal filed by the assessee. Therefore, the decision of the Tribunal is based on finding of facts. Transactions as bogus and the Long Term Capital Gains from the sale of the impugned scrips was treated as income from undisclosed sources. The Co-ordinate Bench of Ahmedabad in ITA Nos.


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On the contrary, the shares were thereafter transferred to demat account. It is settled law that suspicion, howsoever strong cannot take the place of legal proof. Agrawal on by the revenue authorities of Kolkata. 2216 of 2000, order dated was passed remitting the case back to the Tribunal with the directions to decide the appeal on merits giving its reasons for accepting or rejecting the submissions. Read more» Raising Money through Private Placement by nbfcs-Debentures etc. It is the say of the. In terms of the extant instructions nbfcs are required to file various periodical returns. Read more non-Banking Finance Companies: Game Changers, the Indian financial sector consists of a wide variety of institutions which cater to different market segments. Read more» Second Quarter Review of Monetary Policy 2013-14 Read more» Gold: Economists need to change Macro economists in India perceive gold as a wasteful asset and as the villain of the Indian economy. The bone of contention is the sale of shares of Gautam Resources Limited and Naxgeshwar Investment Ltd. Read more» Payment of interest on overdue public deposits Kindly refer to clause (10) of paragraph 4 of Non-Banking Financial Companies fair forex dealers pvt ltd Acceptance of Public Deposits (Reserve Bank) Directions, 2007.


However, the State Bank did not extend its offer to provide dollars to meet its shortage in the market, he said. Subham Kroti, Main Road Shankar Nagar, Raipur (C.G PAN. The main refrain of the sector is that the withdrawal of the current facility of issuing NCDs without any restrictions would result in adversely impacting their Asset Liability Management. Commissioner of Income-tax 1(1 Raipur Smt. Your remand report should reach the undersigned on or before. But before this enquiry could be done by the.O. Malik Bostan said the foreign currency market today was dominated by buyers, meaning people trying to buy dollars. Published in Dawn, April 6th, 2019. Read more» Tying investors into gold bonds can help slash the CAD Read more» Memorandum of Instructions governing money changing activities Location of Forex Counters in International Airports in India On a review, it has been decided to allow. CIT(A) to decide the issue afresh after taking into consideration the enquiry report of the.O. There is also nothing on record to suggest that the shares were never with the assessee.



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