TMI Blog2016 (10) TMI 1099X X X X Extracts X X X X X X X X Extracts X X X X ..... to bring any cogent material evidence on record which could suggest that the transactions are sham or bogus. It is pertinent to mention here that wherever there was a profit in similar off market transactions, the A.O. has accepted the same. Therefore, no merit in disbelieving the losses incurred by the assessee in the ordinary course of his business. - Decided against revenue - ITA. No. 3017/Ahd/2009 - - - Dated:- 6-10-2016 - N. K. Billaiya (Accountant Member) And Mahavir Prasad (Judicial Member) For the Appellant : Prasoon Kabra, Sr. D.R. For the Respondent : M. K. Patel, A.R. ORDER N. K. Billaiya (Accountant Member) 1. With this appeal, the Revenue has challenged the correctness of the order of the Ld. CIT(A)- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 4,99,44,800/-. 6. Assessee carried the matter before the ld. CIT(A) and strongly claimed that the losses are genuine and wherever there was a profit, the A.O. has accepted the same. Therefore, there is no reason why the losses should be disallowed. It was strongly contended that all the transactions in the case of afore-stated 4 companies shares are routed through Demat accounts and the payment received from purchase and sale were done through banking channels. It was brought to the notice of the ld. CIT(A) that all the transactions have been made at market rates. Therefore, the loss incurred is genuine business loss incurred in the normal course of business. 7. After considering the facts and the submissions and also considering t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uted through stock exchange and the exchange of monies/shares has also taken place through banking channels and demat accounts. On the given facts of the case and considering the decisions relied upon by the appellant, I am convinced that the transactions in question and the loss incurred by the appellant in trading of shares is genuine and incurred in the normal course of his business. Accordingly, the addition of ₹ 4,99,44,800/- on account of disallowance of loss in share trading of 4 companies is hereby deleted. 8. Before us, the ld. D.R. strongly supported the findings of the A.O. 9. We have given a thoughtful consideration to the orders of the authorities below. The undisputed fact is that all the impugned transactions wer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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