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2020 (6) TMI 43 - AT - Income TaxClaim of loss in the stock business denied - loss from commodity stock trading - not accepting the well accepted system of stock, wherein there is a pakka arthtia and other is stockiest - claim denied by the revenue authorities treating the same as bogus - HELD THAT:- Assessee who filed sufficient documentary evidences to substantiate its claim of purchase and sale of commodity stock in the form of documents above giving details of all commodity stock transactions entered into, copy of account of the parties with whom transaction had been entered alongwith consignment purchase and consignment sale documents. Revenue has based its findings of the transaction being bogus merely on the basis of suspicion and there is no concrete evidence, nor any investigation carried out by it on the findings submitted by the assessee, to arrive at this conclusion. As held in the case of Anju Sharma [2019 (11) TMI 1297 - ITAT CHANDIGARH] on identical facts and circumstances, we are unable to agree with the findings of the Revenue that the transaction could be held to be a bogus transaction - delivery taken by arhtias in the capacity of agent of the assessee is to be construed as actual delivery taken by the assessee, the transaction therefore cannot be treated as speculative also - Accordingly, we hold that the assessee be allowed its claim of loss of commodity transaction . Decided in favour of assessee.
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