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2019 (1) TMI 893 - ITAT KOLKATA
Disallowance of business loss - scrips considered as bogus - Held that:- We find the issue of gains arising out of shares of these type of companies had been the subject matter of adjudication by this tribunal in the case of Smt. Savita Bhura vs DCIT [2018 (9) TMI 1783 - ITAT KOLKATA] for Asst Year 2013-14 wherein reliance was placed on various decisions of tribunals and high courts. Some of them were even followed by the ld CITA while granting relief to the assessee. Hence we do not find any infirmity in the order of the ld CITA granting relief to the assessee.
In view of the aforesaid findings in the facts and circumstances of the case and respectfully following the judicial precedent relied upon hereinabove, we hold that the ld AO had erred in disallowing the business loss incurred in the sum of ₹ 3,85,70,774/- in respect of two scrips as bogus which were rightly deleted by the ld CIT-A. Accordingly, the Grounds 1 & 2 raised by the revenue are dismissed.
Disallowance made u/s 35(1)(ii) - whether assessee is not eligible for weighted deduction u/s 35(1)(ii) - Held that:- We find that the issue under dispute is already addressed by the order of this tribunal in the case of DCIT vs M/s Maco Corporation (India) Pvt Ltd [2018 (3) TMI 811 - ITAT KOLKATA]