https://www.taxtmi.com/caselaws?id=310866 The ITAT Indore dismissed the revenue's appeal regarding disallowance of trading losses on NMCE platform. The AO alleged the assessee incurred contrived losses through synchronized trades with clustered brokers to offset profits from other exchanges and evade tax. However, the ITAT found no evidence that transactions were bogus or non-genuine. The assessee had proper documentation and similar losses occurred on other exchanges. The tribunal noted SEBI permits high-frequency trading and mere losses on a platform don't establish artificial nature. The CIT(A)'s findings were upheld, with support from Calcutta HC precedent. Additionally, the tribunal dismissed revenue's ground regarding non-inclusion of profits from Victory Tip Up Pvt Ltd, as transactions were properly recorded in books and audit reports. en-us Fri, 10 Feb 2023 00:00:00 +0530 Wed, 22 Nov 2023 21:26:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310866 The ITAT Indore dismissed the revenue's appeal regarding disallowance of trading losses on NMCE platform. The AO alleged the assessee incurred contrived losses through synchronized trades with clustered brokers to offset profits from other exchanges and evade tax. However, the ITAT found no evidence that transactions were bogus or non-genuine. The assessee had proper documentation and similar losses occurred on other exchanges. The tribunal noted SEBI permits high-frequency trading and mere losses on a platform don't establish artificial nature. The CIT(A)'s findings were upheld, with support from Calcutta HC precedent. Additionally, the tribunal dismissed revenue's ground regarding non-inclusion of profits from Victory Tip Up Pvt Ltd, as transactions were properly recorded in books and audit reports. Case-Laws Income Tax Fri, 10 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310866