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2013 (10) TMI 292 - HC - Income TaxDisallowance on account of loss in share trading loss - Appellant had followed the consistent method of computation of income/loss from the earlier year – Held that:- Appellant had not proved before the A.O. As well as CIT(A) that shares loss was not speculative loss or delivery of share has been taken by the appellant or not - When the transactions themselves were not under any cast of shadow or doubt and there was no dispute over the quantum of loss computed by the appellant and the respondent assessee when had substantiated the entire transactions by furnishing otherwise valid and statutorily accepted documents, on merely debiting directly these items in capital account instead of in P&I account and thus not routing share trading account through audited account under section 44AB cannot furnish a ground to disregard overwhelming legally acceptable evidences to reject the claim of assessee – Decided against the revenue.
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