Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 84 - AT - Income TaxDisallowance of losses incurred in trading in Commodities Futures - Held that:- A person transacting through a registered broker cannot have any excess to the terminal of the registered broker with the exchange be it stock exchange or commodity exchange - The allegations of the Revenue authorities that the assessee has modified the client code does not have any basis - The transactions of the assessee are supported by various contract notes - No material evidence has been brought on record to defy these transactions by any denial from the exchange authorities nor there is any evidence on record to show that the broker RSBL has denied to have entered into these transactions on behalf of the assessee - The entire additions have been made on surmises and conjectures which are not permissible - Decided in favour of assessee.
|