TaxTMI 
TaxTMI 
2017 (9) TMI 49
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....nue 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 Overseas Ltd?" 2. Issue pertains to disallo....
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....outed 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 the transactions are at market rates. Thus, I agree wi....
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....ctions 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 trading of shares is genuine and incurred in the norm....
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....h 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 totality of the facts, we do not find any reason to interfere with t....