https://www.taxtmi.com/caselaws?id=758204 The ITAT Delhi ruled in favor of the appellant regarding share trading losses and related expenses. The tribunal found that the AO's disallowance was based on mere doubts and suspicions rather than concrete evidence. The genuine business arrangement between sister concerns, supported by a valid agreement and proper book entries accepted by the Department, could not be treated as bogus. The tribunal deleted additions made without sound legal basis for trading losses and associated expenses. However, regarding house property income, the tribunal upheld the CIT(A)'s decision, confirming that property held for sale cannot be considered as occupied for own residence under Section 23(2)(a), thus sustaining the addition for annual letable value. en-us Wed, 14 Feb 2024 00:00:00 +0530 Mon, 09 Sep 2024 08:30:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758204 The ITAT Delhi ruled in favor of the appellant regarding share trading losses and related expenses. The tribunal found that the AO's disallowance was based on mere doubts and suspicions rather than concrete evidence. The genuine business arrangement between sister concerns, supported by a valid agreement and proper book entries accepted by the Department, could not be treated as bogus. The tribunal deleted additions made without sound legal basis for trading losses and associated expenses. However, regarding house property income, the tribunal upheld the CIT(A)'s decision, confirming that property held for sale cannot be considered as occupied for own residence under Section 23(2)(a), thus sustaining the addition for annual letable value. Case-Laws Income Tax Wed, 14 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758204