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2023 (1) TMI 1249 - AT - Income TaxDisallowance of business share trading loss - HELD THAT:- As according to the assessee the transaction carried out by the assessee in regard to the share of M/s. SSTL are genuine and bonafide and therefore fully allowable. However, according to assessee, the AO/Ld. CIT(A) has not appreciated the facts in the right perspective and has disallowed the business loss of the assessee while trading in this scrip. It is found that Assessee is a trader in shares which fact has been discerned from the facts discussed - Therefore, the shares traded are his stock-in-trade. And once assessee is found to be a trader, the loss incurred during business need to be allowed as business loss. And therefore the AO is directed to allow the business loss. Disallowance u/s 14A r.w.r 8D - HELD THAT:- As per assessee disallowance if any, cannot exceed Rs.31,200/- which was earned by the assessee and claimed as exempt. For such a preposition has relied on the decision of Maxopp Investment Ltd. (2018 (3) TMI 805 - SUPREME COURT]. Since the assessee earned exempt income of only Rs 31,200/-, thus find force in the contention of the assessee, so I restrict the disallowance to only Rs.31,200/- and thus the AO is directed to give relief accordingly. Thus, this ground of assessee is partly allowed.
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