2013 (4) TMI 223

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.... preferred by the assessee is directed against the order dtd. 12-12-2011 passed by the ld. CIT(A)- 8, Mumbai for the assessment year 2008-09. 2. Briefly stated facts of the case are that the assessee company is engaged in the business of trading in shares and securities, filed return declaring total income of Rs. 1,47,76,121/-. The A.O. after processing the return u/s 143 (1) of the Income tax ....

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....hile relying on certain decisions, disallowed the said loss of Rs. 1,70,000/- lacs and added the same to the total income of the assessee. The A.O. after making some other disallowances completed the assessment at an income of Rs. 1,47,76,120/- vide assessment order dtd. 25-11-2010 passed u/s 143(3) of the Act. On appeal, the ld. CIT(A) while relying on the decision of the Hon'ble Supreme Court in....

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....st the sustenance of disallowance of notional loss of Rs. 1,70,000/-. 8. At the time of hearing the ld. counsel for the assessee while referring to the financial statement of the assessee appearing at pages No. 9,17, 25-27 & 28 of the assessee's paper book submits that the ld. CIT(A) has erred in observing that the assessee is only debiting the losses and not crediting the profit whereas, in fa....

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.... find merit in the plea of the ld. counsel for the assessee that in the statement showing details of loss in open position of F&O as on 31-3-2008 appearing at page 28 of the assessee's paper book the assessee has shown profit of Rs. 6342/- in one transaction and in remaining three transactions the assessee has shown loss of Rs. 1,77,002/- and after adjusting the profit of Rs. 6342/- the net loss o....