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2016 (10) TMI 1099 - AT - Income TaxDisallowance of loss in trading of shares - genuine business loss incurred in the normal course of business - sham or fake share transactions - off market transactions undertaken by assessee - Held that:- The undisputed fact is that all the impugned transactions were routed through Demat accounts. It is also an undisputed fact that the transactions have been done at market rates. Simply because some of the transactions are off market transactions, it cannot be said that such transactions are sham or fake even the off market transactions have been done at market rates. The Assessing Officer has failed to bring any cogent material evidence on record which could suggest that the transactions are sham or bogus. It is pertinent to mention here that wherever there was a profit in similar off market transactions, the A.O. has accepted the same. Therefore, no merit in disbelieving the losses incurred by the assessee in the ordinary course of his business. - Decided against revenue
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