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2013 (12) TMI 190 - AT - Income TaxLoss in share trading - Loss in Futures & Options activity – AO disallowed appellant's claim of share trading and F&O losses along with OD interest as personal in nature since these transactions were not routed through P&L a/c – Held that:- The appellant had followed the consistent method of computation of income/loss from the earlier year for which necessary evidence has been placed on record - the appellant had filed all the evidence of claiming loss before the AO from the accounts of brokers' books which includes a copy of contract note issued by the brokers containing unique client code and PAN of the appellant - In audit report the nature of activity had been mentioned as professional consultant and share trading - For share loss, the appellant had not submitted any evidence whether any delivery of shares has been taken or not - the loss on future trading was supported by evidences with time stamped contract notes issued by the brokers containing unique client code and PAN of the appellant. From asst. yr. 2005-06, under s. 43(5), the future and option transaction had been excluded from the purview of speculation, if the transactions are carried out at recognized stock exchange and time stamped contract notes were issued - The appellant had routed the transaction through recognized stock exchange notes - appeal on future and option transaction is dismissed - the appellant had not proved before the AO as well as CIT(A) that share loss was not speculative loss or delivery of shares has been taken by the appellant or not – decided partly in favour of Revenue.
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