2011 (2) TMI 1487

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....l. This appeal under Section 260A of the Income Tax Act is at the instance of the Revenue and is directed against order dated 9th April, 2010 passed by the Income Tax Appellate Tribunal 'B' Bench, Kolkata in ITA No. 2094/Kol/2009 for the assessment year 2004-05 thereby confirming the order passed by the learned CIT (Appeal). The only question that arises for determination in this appeal is whether the Tribunal below was justified in holding that the short- term capital loss of ₹ 15,29,049/- claimed by the assessee from the sale of shares was genuine loss or not. After hearing learned advocate for the appellant and after going through the materials on record, we find that the Assessing Officer has disallowed the trading loss....

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....submitted during the assessment proceeding. The Assessing Officer was of the view that the assessee had incurred loss in those shares which were listed on the Calcutta Stock Exchange. The Appellate Authority, however, did not agree with such observation of the Assessing Officer as would appear from the fact that the assessee had suffered loss of scrips which were listed both on BSE/NSE. The Assessing Officer further observed that in some of the cases the broker had not carried out transactions on his client's code but on his own code. But according to him, a broker cannot and should not trade on behalf of his client through his own code as it was not permissible under the law and there was scope of manipulation. Such point had been nega....