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2018 (4) TMI 1295 - AT - Income TaxDisallowance of loss made on account of transactions in derivatives - bogus loss - client's code and name modification initiated - Held that:- As decided in assessee's own case for the A.Y 2009-10 [2017 (6) TMI 1211 - ITAT KOLKATA] that modifications are permitted by NSE and such modification carried out within the prescribed time limit provided by NSE. Indeed the client's code and name were modified in respect of transactions claimed by assessee. However, on perusal of record. We find that the impugned transactions were carried out through banking channel and all the supporting evidence such as contract note, payment of STT were filed at the time of assessment proceedings. We also find that Ld. CIT(A) confirmed the order of AO on the basis of his guess-work as evident from his appellate order saying “there is a possibility that the modifications might have been made to accommodate the appellant as the broker of the appellant was a sister concern." The details furnished by the assessee in respect of transactions giving rise to the loss were exactly matching with the details furnished by the NSE. In none of the case Authorities Below have brought on record where any mismatch is found between the books of the assessee and the confirmation received from NSE. Had there been any manipulation in the impugned loss then it could have been revealed from the confirmation received from NSE. Therefore, the modifications in the client's name and code cannot justify the impugned loss as bogus and the impugned loss claimed by assessee is genuine loss - Decided in favour of assessee
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