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2019 (3) TMI 1635 - AT - Income TaxBogus trading loss - AO relied on information/data provided to his office by the DIT(Inv.), Kolkata for making this disallowance - HELD THAT:- When the purchase and sale of shares were made through online trading system and when these transactions were made at the prevailing market rate through stock exchange and when the entire transactions were routed through proper banking channels and were duly reflected in the demat account of the parties and when the BSE in response to notices u/s 133(6) confirmed these transactions as genuine to the AO, it is not right on the part of the AO to disregard these evidences and disallow the trading loss on the basis of some alleged report of DIT(Inv.), Kolkata and some alleged statements recorded from certain persons, which were never brought on record by the Assessing Officer. This Bench of the Tribunal in the assessee’s own case [2019 (1) TMI 893 - ITAT KOLKATA] under identical circumstances, upheld the order of the ld. CIT(A) deleting this said addition. - Decided against revenue.
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