Forum
Read and express views
× Latest Press Notes

These are the latest press releases.

PRESS RELEASE, DATED: 07-12-2019

  • amit
  • amit's Avatar Topic Author
  • Offline
  • Administrator
  • Administrator
More
1 month 2 weeks ago #11688 by amit
PRESS RELEASE, DATED: 07-12-2019 was created by amit
PRESS RELEASE, DATED: 07-12-2019

December 07, 2019

Income Tax Department conducts search & survey operations on Share Brokers/Traders across India

On 3rd December 2019, the Income Tax Department carried out search and survey operations on certain share-brokers/traders who were involved in facilitating accommodation of profits/loss through reversal trades in illiquid stock options in Equity Derivative Segment and also Currency Derivative Segment on Bombay Stock Exchange (BSE). Over 39 locations spread across Mumbai, Kolkata, Kanpur, Delhi, NOIDA, Gurugram, Hyderabad and Ghaziabad were covered.

The search/survey action has unravelled the entire modus-operandi which has been adopted by the share-brokers/traders to trade into the illiquid stock options in Equity Derivative Segment and thereby generate artificial losses/profit by executing reversal trades in a very short span of time. By this contrived methodology, the unscrupulous entities have secured desired profits/losses, which is estimated to be more than Rs. 3500 Crore. The search/survey action has also resulted into identification of the wrongful long-term capital gains taken in at least 3 penny stocks listed on the BSE, where the manipulated profits utilized by the beneficiaries aggregate to around Rs. 2000 Crore.

The search action has resulted into seizure of unaccounted cash of Rs. 1.20 Crore. The number of beneficiaries who have been benefitted by these manipulated transactions could be to the tune of a few thousand scattered across India and efforts are being made to identify them as also the corresponding quantum of income evaded. Incriminating evidence recovered during the course of actions is also being examined for determination of contravention of the various direct tax laws.

(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy),
Official Spokesperson, CBDT.



Please Log in or Create an account to join the conversation.

Time to create page: 0.110 seconds

If You Appreciate What We Do Here On TaxPundit, You Should Consider:

We are thankful for your never ending support.

Latest Analysis - High Courts

Ajai Kumar Singh Khaldelial vs PCIT

Ajai Kumar Singh Khaldelial vs PCIT

Ajai Kumar Singh Khaldelial vs PCIT Read More
Kamal Kumar Agrawal vs. PCIT

Kamal Kumar Agrawal vs. PCIT

Kamal Kumar Agrawal vs. PCIT Read More
CIT vs. Media World Wide Pvt. Ltd.

CIT vs. Media World Wide Pvt. Ltd.

CIT vs. Media World Wide Pvt. Ltd. Read More
CIT vs. NARODA ENVIRO PROJECTS LTD.

CIT vs. NARODA ENVIRO PROJECTS LTD.

CIT vs. NARODA ENVIRO PROJECTS LTD. Read More
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47

Forum Features

Latest Case Laws
Latest Case Laws are instantly updated in the Forum into their respective section
Latest from CBDT
Latest Circulars, Notifications, Orders etc. from CBDT is updated in the Forum
Ask Experts
You can ask questions to the community
Support
Support queries are either replied via mail or in the Forum so that others can be benefited
Press Releases
Latest Press Notes and Press Releases are updated in the Forum
Connect with Members
You can connect with our community members by replying to their queries

Recommended Articles

 

SITE INFORMATION

All content herein is the copyright of Taxpundit. No images, text, or any other content may be, reproduced or redistributed without the express written consent of Taxpundit.

All Rights Reserved. All Content Copyright.

Newsletter

Subscribe to our newsletter and stay updated on the latest developments and special offers!

Company Master Data Since 1900. More than 1.75 Million Records. Register/Login to get FREE access. Read more
Toggle Bar