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2019 (7) TMI 1536 - AT - Income TaxLoss suffered due to modification of Client Code by the stock broker - Non genuine claim - HELD THAT:- In the facts and circumstances, it is not clear from the order, how the AO has arrived that the transactions with M/s. Inventure and Growth Securities Ltd., alone are not genuine in nature. Assessees have submitted that they had incurred a loss from the transactions with M/s. Inventure Growth and Securities Ltd., however, the Assessing Officer disallowed in the respective assessees hand and completed the assessments. Considering the entire facts and circumstances, associated with the impugned loss claim, it is clear that these transactions have not been properly examined by the Assessing Officer. Since the loss is claimed by the assessees, the onus is on the respective assessee to place all material in support of their contention before the Assessing Officer. However, the Assessing Officer is bound to examine them, if on due examination / investigation, AO finds discrepancy, if any, he should after seeking due clarification from the assessee and on due consideration of them should arrive the conclusion. In these cases, such examination has not been done. Therefore, we deem it fit to remit these issues back to the Assessing Officer for a fresh examination - Appeals of the assessees are treated as partly allowed for statistical purposes.
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