https://www.taxtmi.com/caselaws?id=311433 The ITAT Kolkata allowed the assessee's appeal regarding share trading losses in F&O transactions involving alleged client code modifications. Following the precedent in Kundan Investment Ltd., the Tribunal found that shares were of reputed companies, quoted on stock exchanges, and traded at prevailing market rates as verified by exchange statements. The CIT(A) had disallowed the loss based on suspicion of ingenuine transactions, but the Tribunal held that genuineness should be determined by material evidence of actual transactions, not business expedience or correctness of decisions. The Tribunal directed the AO to delete the addition, ruling in favor of the assessee. en-us Fri, 14 Feb 2020 00:00:00 +0530 Tue, 26 Dec 2023 06:11:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311433 The ITAT Kolkata allowed the assessee's appeal regarding share trading losses in F&O transactions involving alleged client code modifications. Following the precedent in Kundan Investment Ltd., the Tribunal found that shares were of reputed companies, quoted on stock exchanges, and traded at prevailing market rates as verified by exchange statements. The CIT(A) had disallowed the loss based on suspicion of ingenuine transactions, but the Tribunal held that genuineness should be determined by material evidence of actual transactions, not business expedience or correctness of decisions. The Tribunal directed the AO to delete the addition, ruling in favor of the assessee. Case-Laws Income Tax Fri, 14 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311433