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2013 (11) TMI 265 - AT - Income TaxWriting off of scrips of shares held by him as stock – Business loss - Held that:- Loss in question is relatable to the bad deliveries ie difference in signature of transferor, forged / fake share certificate etc. Assessee analyses his stock position periodically and consistently over the years and quantifies the loss for debiting to the P & L account. It is a „business decision - In fact, the stocks delivered in respect of Vipul Securities are found to be fake certificates and the assessee filed an FIR in this regard too - Assessee furnished the list of the scips involving the above said bad deliveries/fake certificates and also submitted the reasons for such write. Therefore, the assessee discharged the primary onus and it is for the revenue to rebut the same. As such they have not brought or collected any incriminating information against the business decision of the assessee – Decided in favor of Assessee.
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