https://www.taxtmi.com/caselaws?id=461344 ITAT Mumbai partly allowed assessee's appeal for A.Y. 1993-94 regarding share market transactions. The tribunal sustained 50% of share market trading profit addition (Rs. 2,88,36,552/-) while deleting the balance, following precedent from earlier assessment year. Additions for dividend/interest income were restricted considering banking channel evidence. Additions for oversold position, profit on sale of shares in shortage, and Badla transactions were deleted due to lack of supporting material by AO. Interest expenditure under Section 57 was allowed following Supreme Court precedent. Enhancement by CIT(A) was allowed subject to verification in related proceedings. Revenue's appeal was dismissed as reliefs granted by CIT(A) were found judicious and factually supported. en-us Fri, 27 Oct 2023 00:00:00 +0530 Sat, 29 Mar 2025 17:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461344 ITAT Mumbai partly allowed assessee's appeal for A.Y. 1993-94 regarding share market transactions. The tribunal sustained 50% of share market trading profit addition (Rs. 2,88,36,552/-) while deleting the balance, following precedent from earlier assessment year. Additions for dividend/interest income were restricted considering banking channel evidence. Additions for oversold position, profit on sale of shares in shortage, and Badla transactions were deleted due to lack of supporting material by AO. Interest expenditure under Section 57 was allowed following Supreme Court precedent. Enhancement by CIT(A) was allowed subject to verification in related proceedings. Revenue's appeal was dismissed as reliefs granted by CIT(A) were found judicious and factually supported. Case-Laws Income Tax Fri, 27 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461344