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2019 (7) TMI 696 - HC - Income TaxAllowability of loss of trading in derivatives - AO alleged that assessee had failed to furnish the necessary evidence to justify that the loss represented the trading activities in the derivatives and covered u/s 43(5)(d) - speculative loss OR business loss - In appellate proceedings assessee furnished all evidences - CIT(A) held that F&O transactions were carried out electronically on a screen based system through a registered stock broker namely JM Financial Services Pvt Ltd which is registered with the NSE and transactions are supported by time stamped contract notes and bills and invoices issued by the NSE hence appellant was covered u/s 43(5)(d) - Tribunal upheld the order HELD THAT:- There is a concurrent finding recorded by the two Revenue authorities as regards the loss sustained by the assessee fulfilling all the conditions, as specified under Section 43(5)(d). Essentially, this appeal is more on facts rather than on any substantial question of law. In view of concurrent finding of fact recorded by the two Revenue authorities, we would not like to disturb the same. - appeal fails and is hereby dismissed.
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