TaxTMI 
TaxTMI 
2018 (4) TMI 1295
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.... the AO on account of transactions in derivatives to the extent of Rs. 5,46,885/- in the facts and circumstances of the case. 3. At the outset, the Ld.AR of the assessee submits that the issue in hand is squarely covered by the order dt. 16-06-2017 in assessee's own case for the A.Y 2009-109 and placed the copy of such order. He referred to para 7 of such order and argued that the issue of modification with regard to client' name and code was carried out by the broker within time permitted by NSE for the purpose of modification. The Tribunal vide its said order dt. 16-06-17 held that the disallowance made by the AO was on surmises and conjectures and as such deleted the addition made thereon. 4. On the other hand, the ld.DR has agreed tha....
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....sessee for ~ 19,76j38/- which was treated by the Authorities Below as bogus mainly due to the modification carried out in the name and code of the assessee by the broker. The director of the assessee-company and the director of the broker company listed with NSE are same person. The impugned loss was treated as bogus due to several reasons such as it was incurred at the fag-end of the year, to reduce the taxable profit earned by assessee during the year and similar kind of loss was also disallowed in the immediate preceding year. 7.1 From the foregoing discussion, we find that indeed the client's code and name were modified in respect of transactions claimed by assessee. However, on perusal of record. we find that the impugned transa....
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....jecture and same is not based on tangible material to treat the impugned loss as bogus loss. 7.2 Moreover, we also find that the details furnished by the assessee in respect of transactions giving rise to the loss were exactly matching with the details furnished by the NSE. In none of the case. Authorities Below have brought on record where any mismatch -is found between the books of the assessee and the confirmation received from NSE. Had there been any manipulation in the impugned loss then it could have been revealed from the confirmation received from NSE. Therefore, the modifications in the client's name and code cannot justify the impugned loss as bogus. Thus, we conclude that the impugned addition has been made by the Authorit....