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        Case ID :
        Income Tax

        Appellate Tribunal examined disallowance of claim for futures...

        Futures and Options Losses: Tribunal Overrules Disallowance Based on Broker Manipulation Allegations.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                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.
                                Note: It is a system-generated summary and is for quick reference only.
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