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2019 (6) TMI 1474 - AT - Income TaxDisallowance u/s 73 - treating share trading loss as speculative loss - correct turnover of the assessee - HELD THAT:- Turnover of the assessee has been taken erroneously by omitting the last digit i.e. zero from the turnover. The correct turnover of the assessee is ₹ 3901,42,49,580/- whereas the AO has wrongly taken ₹ 390,14,24,958/- while calculating the disallowance of expenses relating speculative business. We have also examined the disallowance as calculated by the assessee in table C above and are of the considered view that disallowance of expenses attributable to speculation business has to be made to the extent of ₹ 29,022/- only. Accordingly, we set aside the order of Ld. CIT(A) and direct the AO to restrict the disallowance of expenses relating to share trading in own shares at ₹ 29,022/- in place of ₹ 48,37,013/-.Finally we ,respectfully following the apex court decision in the case of Sun Tax Investment Ltd. vs. PCIT [2019 (5) TMI 1165 - SUPREME COURT]reverse the order of CIT(A) and restore the order of AO with the modification that expenses to be disallowed relating to the speculative business be restricted to ₹ 29,022/-. - Appeal of the Revenue is partly allowed
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