https://www.taxtmi.com/caselaws?id=782144 ITAT Kolkata - AT upheld the order of CIT(A) and dismissed the Revenue's appeal in entirety. It held that the AO failed to bring any corroborative material to support the allegation of bogus derivative loss, while the assessee, a broker, had produced all valid contract notes for exchange-traded transactions. The addition under section 50C was rightly deleted as the difference between sale consideration and stamp value was within the 5% safe harbor limit. Alleged violation of Rule 46A was rejected since documents before CIT(A) were already with AO. The addition based on mismatch between Profit and Loss account and Form 26AS was also deleted, as the apparent difference was only due to inclusion of service tax in Form 26AS. en-us Thu, 20 Nov 2025 00:00:00 +0530 Tue, 25 Nov 2025 08:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782144 ITAT Kolkata - AT upheld the order of CIT(A) and dismissed the Revenue's appeal in entirety. It held that the AO failed to bring any corroborative material to support the allegation of bogus derivative loss, while the assessee, a broker, had produced all valid contract notes for exchange-traded transactions. The addition under section 50C was rightly deleted as the difference between sale consideration and stamp value was within the 5% safe harbor limit. Alleged violation of Rule 46A was rejected since documents before CIT(A) were already with AO. The addition based on mismatch between Profit and Loss account and Form 26AS was also deleted, as the apparent difference was only due to inclusion of service tax in Form 26AS. Case-Laws Income Tax Thu, 20 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782144