2017 (9) TMI 49

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....BLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgment of Income Tax Appellate Tribunal dated 6.10.2016 raising following question : "Whether the Appellate Tribunal has erred in law and/or on facts in deleting the addition of Rs. 4,99,44,800/on account of disallowance of loss in trading of shares of Fast Track Ltd., Indocare Pharma Ltd., Sea Gul Le ltd. and Wellworth....

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....served by the A0. The deliveries of shares have been routed through the demat accounts. The payments have been made and received through banking channels. Confirmations of the parties with whom the transactions have been entered into have been furnished and have not been disputed. Market quotations in support of price of shares on the date of purchase and sale are furnished which establishes that ....

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.... that the appellant has already proved that the transactions in case of all 4 scrips are routed through stock exchange and the exchange of monies/shares has also taken place through banking channels and demat accounts. On the given facts of the case and considering the decisions relied upon by the appellant, I am convinced that the transactions in question and the loss incurred by the appellant in....

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....as failed to bring any cogent material evidence on record which could suggest that the transactions are sham or bogus. It is pertinent to mention here that wherever there was a profit in similar off market transactions, the AO has accepted the same. Therefore, we do not find any merit in disbelieving the losses incurred by the assessee in the ordinary course of his business. Considering the totali....