https://www.taxtmi.com/caselaws?id=457182 The HC reversed ITAT's deletion of additions for derivative losses and share/securities losses, holding both CIT(A) and ITAT orders as perverse. The court found ITAT misread the AO's findings, incorrectly concluding the AO accepted transaction genuineness when the AO had actually doubted it based on human probabilities test. Regarding coordination charges, HC set aside CIT(A)'s findings and remanded matter to AO for fresh consideration with open remand, placing burden on assessee to prove service nature. The court ruled in favor of revenue on derivative and securities loss issues, confirming AO's treatment of transactions as sham and speculative losses. en-us Wed, 03 Aug 2022 00:00:00 +0530 Tue, 10 Sep 2024 20:12:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457182 The HC reversed ITAT's deletion of additions for derivative losses and share/securities losses, holding both CIT(A) and ITAT orders as perverse. The court found ITAT misread the AO's findings, incorrectly concluding the AO accepted transaction genuineness when the AO had actually doubted it based on human probabilities test. Regarding coordination charges, HC set aside CIT(A)'s findings and remanded matter to AO for fresh consideration with open remand, placing burden on assessee to prove service nature. The court ruled in favor of revenue on derivative and securities loss issues, confirming AO's treatment of transactions as sham and speculative losses. Case-Laws Income Tax Wed, 03 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457182