TaxTMI 
TaxTMI 
2016 (10) TMI 1099
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.... ORDER N. K. Billaiya (Accountant Member) 1. With this appeal, the Revenue has challenged the correctness of the order of the Ld. CIT(A)-I, Ahmedabad dated 03.09.2009 pertaining to A.Y. 2005- 06. 2. The sole grievance of the revenue relates to the deletion of 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 ....
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.... the details, the A.O. noticed that the assessee has incurred loss in the share trading of shares of Aditya International, Fast Track Indocare, Seagul Le and Well Worth Overseas. 5. On further verification of the Demat accounts of the aforementioned companies, the A.O. came to the conclusion that the losses shown by the assessee in trading in shares of the aforementioned companies are bogus and a....
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....A) held as under:- 9.4 In the light of the above discussion, I find that the transactions in question appear to be real transactions and not merely book/paper entries as observed by the A.O. 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 ente....
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....ctions have been routed through the stock exchange and/or the exchange of shares/monies has taken place on the dates of transactions". From the foregoing discussion, it is clear 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 t....