Per B.M. Kothari, A.M. - These two appeals by the assessee and one cross appeal by the revenue are directed against the order passed by the learned CIT(Appeals) on 5-11-1996 for Assessment years 1992-93 and 1993-94.

2. The assessee is a share broker and derives income from dealings in shares as well as income from brokerage. Shri M.D. Khandelwal, a member of Delhi Stock Exchange (DSE) had floated a sole proprietary concern M/s. Khandelwal Associates and carried on business operations of trading of shares for himself and for his clients. The assessee had done huge transactions with parties involved in share scam such as M/s. Harshad Mehta, M/s. Ashwin Mehta, M/s. Jyoti H. Mehta and M/s. Virender Saigal & Co. and M/s. R.P. Arvind & Co. The assessee was also holding power of attorney of M/s. Harshad Mehta, M/s. Ashwin Mehta, M/s. Jyoti H. Mehta for operating their bank account in Delhi. The assessee had shown a lump sum brokerage of Rs. 1.50 lakh each from Shri Harshad Mehta, Shri Ashwin Mehta and Smt. Jyoti H. Mehta in Assessment year 1992-93. Besides this, the assessee had received a lump sum amount of Rs. two lakhs from H.S. Mehta Group as Office Administration expenses. The br