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2011 (2) TMI 207 - DELHI HIGH COURTDisallowance of loss - assessee had shown in Profit & Loss account the decrease/increase in stock of shares Rs. 2,02,19,778 - The CIT (A), thus, held that there was sufficient documentary evidence to prove that the assessee sold the shares @ Rs.2.23 per share and not @ Rs.3.35 which was taken into account by the AO - Once the shares are identifiable, the date of sale of which is 20.03.2002, merely because by mistake the assessee mentioning the date of 22.03.2002, would not mean that the assessee was precluded from showing that that was an error and documentary evidence clearly reflected that the shares were sold on 20.03.2002. - the cost of acquisition of such shares has to be taken into account, instead of average cost of acquisition. Disallowane of expense - Since it was the first year of business activity and the assessee had no infrastructure, this was the compelling reason for the assessee to outsource various concerns including M/s. Goyal M.G. Gases Pvt - Reasons for the AO went by the irrelevant extraneous consideration, viz., PPF, etc. were not produced by the assessee - Obviously, it was for M/s. Goyal M.G. Gases Pvt. Ltd. to pay salary to its employee and they would be maintaining such ledgers - This appeal is bereft of any merit. We accordingly dismiss this appeal
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