https://www.taxtmi.com/caselaws?id=444555 The tribunal dismissed the appeal concerning the addition of Rs. 48,09,315/- as a fictitious loss in a derivative trading account under section 148. The assessee's net profit declaration was challenged after information indicated a fictitious loss from a specific entity. The A.O. and Ld. CIT(A) found the assessee's explanation unsatisfactory, concluding the loss was used to reduce taxable profit. The tribunal upheld this decision, noting the appellant's failure to present evidence contradicting the findings. Consequently, the addition by the A.O. was validated, and the appeal was dismissed. en-us Mon, 16 Oct 2023 00:00:00 +0530 Wed, 18 Oct 2023 07:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444555 The tribunal dismissed the appeal concerning the addition of Rs. 48,09,315/- as a fictitious loss in a derivative trading account under section 148. The assessee's net profit declaration was challenged after information indicated a fictitious loss from a specific entity. The A.O. and Ld. CIT(A) found the assessee's explanation unsatisfactory, concluding the loss was used to reduce taxable profit. The tribunal upheld this decision, noting the appellant's failure to present evidence contradicting the findings. Consequently, the addition by the A.O. was validated, and the appeal was dismissed. Case-Laws Income Tax Mon, 16 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444555