https://www.taxtmi.com/caselaws?id=456491 ITAT Kolkata allowed the assessee's appeal regarding bogus loss in share trading and F&O segment. The AO disallowed trading losses claiming they were prearranged accommodation entries to evade taxes. ITAT held that AO failed to conduct independent investigations into evidence filed by assessee including contract notes, vouchers, payments, and D-MAT accounts, relying merely on investigation wing reports and assumptions. ITAT directed deletion of disallowance. Additionally, ITAT deleted Section 14A disallowance as assessee earned no exempt income during the year, following SC precedents in Chettinad Logistics and Maxopp Investment cases. en-us Thu, 11 Jan 2024 00:00:00 +0530 Tue, 20 May 2025 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456491 ITAT Kolkata allowed the assessee's appeal regarding bogus loss in share trading and F&O segment. The AO disallowed trading losses claiming they were prearranged accommodation entries to evade taxes. ITAT held that AO failed to conduct independent investigations into evidence filed by assessee including contract notes, vouchers, payments, and D-MAT accounts, relying merely on investigation wing reports and assumptions. ITAT directed deletion of disallowance. Additionally, ITAT deleted Section 14A disallowance as assessee earned no exempt income during the year, following SC precedents in Chettinad Logistics and Maxopp Investment cases. Case-Laws Income Tax Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456491