https://www.taxtmi.com/caselaws?id=463089 The ITAT Kolkata allowed the assessee's appeal, directing the AO to permit the set off of losses incurred on trading two equity shares against interest income. The AO had disallowed the loss based on an investigation report alleging the companies were involved in accommodation entries, without substantive evidence against the assessee. The tribunal held that such a generalization is not justified and relied on precedent confirming losses from trading equity shares in the ordinary course of business are eligible for set off against income. Consequently, the loss on shares was allowed to be set off against the interest income, and the addition under section 68 was deleted. en-us Mon, 23 Sep 2024 00:00:00 +0530 Tue, 05 Aug 2025 20:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463089 The ITAT Kolkata allowed the assessee's appeal, directing the AO to permit the set off of losses incurred on trading two equity shares against interest income. The AO had disallowed the loss based on an investigation report alleging the companies were involved in accommodation entries, without substantive evidence against the assessee. The tribunal held that such a generalization is not justified and relied on precedent confirming losses from trading equity shares in the ordinary course of business are eligible for set off against income. Consequently, the loss on shares was allowed to be set off against the interest income, and the addition under section 68 was deleted. Case-Laws Income Tax Mon, 23 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463089