https://www.taxtmi.com/caselaws?id=778989 ITAT held the AO erred in treating Rs. 29,65,00,718 as the assessee's loss; that figure represents the aggregate of each lot traded and need not be recorded in the books. The correct loss to be recorded is the net of favourable and unfavourable trades, Rs. 11,92,144.02, supported by ICAI guidance. Accordingly, the revenue's appeal was dismissed and only the net profit or loss (Rs. 11,92,144.02 in this case) should be reflected in the accounts. en-us Fri, 17 Jan 2025 00:00:00 +0530 Wed, 24 Sep 2025 15:50:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778989 ITAT held the AO erred in treating Rs. 29,65,00,718 as the assessee's loss; that figure represents the aggregate of each lot traded and need not be recorded in the books. The correct loss to be recorded is the net of favourable and unfavourable trades, Rs. 11,92,144.02, supported by ICAI guidance. Accordingly, the revenue's appeal was dismissed and only the net profit or loss (Rs. 11,92,144.02 in this case) should be reflected in the accounts. Case-Laws Income Tax Fri, 17 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778989