Arabi Syed Mohammed Mohiuddin

SAT-appeal

• Failure by company insiders to disclose sale transactions under Regulations 13(4) and 13(5). Pavan Kumar Sodani also entered into opposite transactions within six months, violating the Model Code.
  Penalty under Section 15A(b) reduced from Rs. 2 lakh to Rs. 1 lakh for each appellant. · Additional Rs. 2 lakh penalty under Section 15HB against Pavan Kumar Sodani sustained.
  Appeal: Appeal Nos. 193, 195, 196, 197, 198, 307 and 308 of 2014 disposed of on 10 July 2015; Appeal No. 309 of 2014 also included in the common order. Appeal No. 194 of 2014 by Sudhir Prabhakar Pathak was withdrawn and its Rs. 2 lakh penalty attained finality.
• Failure by company employees to disclose sale transactions in Mahindra and Mahindra shares under Regulation 13(4) read with Regulation 13(5). Pavan Kumar Sodani additionally entered into opposite transactions within six months, violating the model code.
  Penalty under Section 15A(b) reduced from Rs 2 lakh to Rs 1 lakh for each appellant. · Additional Rs 2 lakh penalty under Section 15HB against Pavan Kumar Sodani sustained.
  Appeal: Appeal Nos. 193, 195, 196, 197, 198, 307, 308 and 309 of 2014 disposed of on 10 July 2015; Appeal No. 194 of 2014 by Sudhir Prabhakar Pathak was withdrawn and its Rs 2 lakh penalty attained finality.
• Failure to disclose sale of shares under Reg 13(4)/13(5) PIT; Sodani also entered opposite transactions within six months violating Model Code Clause 4.2.
  Penalty under Sec 15A(b) reduced from Rs 2 lakh to Rs 1 lakh for each appellant · Additional Rs 2 lakh penalty under Sec 15HB on Pavan Kumar Sodani sustained
• Failure to disclose sale of shares under Reg 13(4) read with 13(5) PIT Regulations; for Sodani additional contra-trade opposite transactions within six months.
  Penalty under Section 15A(b) reduced from Rs 2 lakh to Rs 1 lakh for each appellant · Additional penalty of Rs 2 lakh under Section 15HB on Pavan Kumar Sodani sustained
  Appeal: Appeal Nos. 193, 195-198, 307-309 of 2014 decided 10.07.2015, impugned AO orders modified; Appeal No. 194 of 2014 withdrawn
• Failure to disclose sale of company shares under Reg 13(4)/13(5); for Sodani, entering opposite transactions within six months violating Model Code Clause 4.2.
  Impugned AO orders modified: penalty under Section 15A(b) reduced from Rs 2 lac to Rs 1 lac for each appellant · Additional penalty of Rs 2 lac under Section 15HB on Pavan Kumar Sodani sustained
  Appeal: Appeal Nos. 193, 195-198, 307-309 of 2014 disposed on 10.07.2015 by common order reducing penalty; Appeal No. 194 of 2014 by Sudhir Prabhakar Pathak withdrawn on same date
• Failure to disclose sale of shares under Reg 13(4)/13(5); Sodani additionally entered opposite trades within six months violating Model Code Cl 4.2.
  Penalty under Sec 15A(b) reduced from Rs 2 lakh to Rs 1 lakh for each appellant · Additional penalty of Rs 2 lakh under Sec 15HB on Pavan Kumar Sodani sustained
  Appeal: Appeal Nos. 193, 195-198, 307-309 of 2014 disposed by SAT common order dated 10.07.2015; Appeal No.194/2014 withdrawn
• Failure to disclose sale of shares under Reg 13(4) read with 13(5) PIT Regulations; Sodani additionally entered opposite trades within six months violating Model Code.
  Impugned AO orders modified: penalty under Sec 15A(b) reduced from Rs 2 lac to Rs 1 lac per appellant · Additional penalty of Rs 2 lac under Sec 15HB on Pavan Kumar Sodani sustained
• Failure to disclose sale of upto/ less than 1000 shares under Reg 13(4) r/w 13(5) PIT; Sodani also did opposite trades within six months violating Model Code.
  AO orders modified: penalty under Sec 15A(b) reduced from Rs 2 lac to Rs 1 lac for each appellant · Additional Rs 2 lac penalty under Sec 15HB on Pavan Kumar Sodani sustained
  Appeal: Appeal Nos 193, 195-198, 307-309 of 2014 disposed by common SAT order dated 10.07.2015; Appeal No.194 by Sudhir Pathak withdrawn same day