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2018 (11) TMI 1425 - AT - Income TaxClaim for set off of share trading loss against other income - Held that:- CIT(A) has allowed the same after having found that the case of the assessee was not covered under Explanation to section 73. He also found that income shown by the assessee to the extent of ₹ 66,22,069/- was in the nature of speculation income only and accordingly held that the assessee company even otherwise was eligible to set off its share trading loss against the said income. At the time of hearing before us, entitled the DR has not been able to bring on record anything to rebut or controvert the findings recorded by the CIT(A). As a matter of fact, the revenue in the ground specifically raised in its appeal has clearly admitted the fact that speculation income of ₹ 66,22,069/- was declared by the assessee company. No justifiable reason to interfere with the impugned order of the CIT(A) giving relief to the assessee on this issue and upholding the same, we dismiss ground no. 1 of revenue’s appeal. Disallowance of 50% of expenses claimed under the various heads - addition restricted by the CIT(A) to 10% after taking into consideration the fact that the assessee company had maintained regular books of account, which were duly audited u/s. 44AB and the expenses claimed were duly supported with bills and vouchers - Held that:- The relief given by the CIT(A) to the assessee on this issue is well founded and the disallowance sustained by the CIT(A) being fair and reasonable in the facts and circumstances of the case, we uphold the impugned order on this issue and dismiss ground no. 2 of the revenue’s appeal.
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