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Taxpayer's Off-Market Bond Transactions Permissible; Loss Disallowance Based on Speculation Invalid, Says Assessing Officer.

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....Disallowance of loss of trading in bonds - The A.O. has not contradicted the claim of the assessee that there was no prohibition on carrying out off market transactions - No justification to disallow the loss on transactions on lands merely on doubt assumption basis.....

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Taxpayer's Off-Market Bond Transactions Permissible; Loss Disallowance Based on Speculation Invalid, Says Assessing Officer.