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Appellate Tribunal examined disallowance of claim for futures and options (F&O) loss by Assessing Officer (AO) based on report alleging stock brokers manipulated transactions to generate bogus losses/gains. Relying on Bombay High Court's decision in Coronation Agro Industries Ltd, Tribunal held client code modification by broker cannot justify disallowance. Transactions were supported by proper documents, thus disallowance based solely on generalized investigation report was unjustified. Tribunal set aside disallowance order, directing AO to allow F&O loss claim. Assessee's appeal allowed.
Appellate Tribunal examined disallowance of claim for futures and options (F&O) loss by Assessing Officer (AO) based on report alleging stock brokers manipulated transactions to generate bogus losses/gains. Relying on Bombay High Court's decision in Coronation Agro Industries Ltd, Tribunal held client code modification by broker cannot justify disallowance. Transactions were supported by proper documents, thus disallowance based solely on generalized investigation report was unjustified. Tribunal set aside disallowance order, directing AO to allow F&O loss claim. Assessee's appeal allowed.
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