https://www.taxtmi.com/caselaws?id=795994 Business losses from a share broker's dealing errors were accepted as genuine and incurred in the ordinary course of broking, following detailed verification in reassessment. Consistency supported their deductibility because no factual or legal defect in the accepted claim was established. Proprietary securities-trading losses were also allowable where contract notes, global reports and transaction-wise records showed that derivative positions were squared off during the financial year. Compulsory cash settlement further confirmed that the losses were realised rather than notional mark-to-market losses on open contracts. Contemporaneous evidence establishing completed transactions prevails over a mistaken admission when determining whether a business loss is deductible. en-us Wed, 15 Jul 2026 00:00:00 +0530 Thu, 30 Jul 2026 08:52:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795994 Business losses from a share broker's dealing errors were accepted as genuine and incurred in the ordinary course of broking, following detailed verification in reassessment. Consistency supported their deductibility because no factual or legal defect in the accepted claim was established. Proprietary securities-trading losses were also allowable where contract notes, global reports and transaction-wise records showed that derivative positions were squared off during the financial year. Compulsory cash settlement further confirmed that the losses were realised rather than notional mark-to-market losses on open contracts. Contemporaneous evidence establishing completed transactions prevails over a mistaken admission when determining whether a business loss is deductible. Case-Laws Income Tax Wed, 15 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795994