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2017 (8) TMI 186 - HC - Income TaxLoss incurred on sale and purchase of shares treated as a business loss - nature of income - Held that:- It is not disputed that the assessee carries on the business of brokerage and his income is shown from brokerages. The Commissioner (Appeals) and the Tribunal have come to the conclusion that the impugned loss has occurred to the assessee in respect of error trade. The loss is not on the account of assessee's own trading in shares. In the case of M/s. HSBC Securities & Capital Markets (India) P. Ltd. (2015 (5) TMI 122 - BOMBAY HIGH COURT) this Court was considering the Appeal against order of Tribunal, wherein the Tribunal observed that if the loss is found to have occurred on account of error trade conducted by assessee on behalf of clients, then the claim will have to be accepted as business loss. This Court has accepted the said finding in M/s. HSBC Securities & Capital Markets (India) P. Ltd. (2015 (5) TMI 122 - BOMBAY HIGH COURT). Same view is taken in the case of Commissioner of Income Tax Vs. Anush Shares and Securities Pvt. Ltd. (2015 (7) TMI 1224 - MADRAS HIGH COURT). Loss is on account of error trade, the Judgment of the Tribunal cannot be faulted with.
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