TaxTMI 
TaxTMI 
2023 (9) TMI 1214
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....appeal: "1. That on the facts and in the circumstances of the case, the action of the Ld. CIT(A) to confirm the addition made by the AO of Rs. 6,43,238/- by disallowing loss on trading in shares is contrary to the material evidences on record and the addition is illegal, arbitrary and excessive 2. That on the facts and in the circumstances of the case, the action of the Ld. CIT(A) to confirm the action of the AO in making addition of Rs. 12,89,526/- on account of loss of sale of securities amounts to double addition and which is Contrary to the material evidences on record and the addition is arbitrary, excessive and illegal. 3. That on the facts and in the circumstances of the case, the action of the Ld. CIT(A) t....
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....ering the various submission made by the assessee and document placed by the assessee, he viewed that loss claimed by the assessee arising out of share trading amounting to Rs. 6,43,238/- was not genuine and disallowed. Accordingly, he added to the income of the assessee. In addition to that he further found that the assessee debited a loss of Rs. 12,89,526/- on securities under the head of other expenses and the ld. AO disallowed the same and added back to the income of the assessee. Further, the ld. AO disallowed another sum of Rs. 5,775/- by applying section 14A read with Rule 8D of the Act and also added under assessed income of interest of Rs. 2,60,354/- in the hands of assessee. 3. Aggrieved by the above order, assessee preferred a....
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....well as perusal of the material available on record, we notice that the assessee-company booked a loss of Rs. 6,43,238/- from the transaction of shares of First Financial Services Ltd. whereas assessee's returned income during the assessment year is only Rs. 1,36,951/-. Besides that the alleged company from which assessee booked loss is also identified one of the 84 BSE listed penny stock which have been used for generating bogus loss from share transactions as we noticed from the assessment order passed by the ld. AO and while dealing with the instant issue, similar view was taken by the ld. CIT(A) by sustaining the order passed by the ld. AO and assessee could not controvert the alleged facts before us. Even on similar facts and circumsta....
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....DR relied on the view taken by the authorities below. 9. We after hearing the rival submission of the parties and material available on record, we notice that the ld. AO while framing the assessment order already disallowed a sum of Rs. 6,43,238/- in the hands of assessee on account of loss of trading in shares from First Financial Services Ltd. separately and in addition to that Rs. 12,89,526/- in the hands of assessee which turned into double addition in the hands of assessee and same is not in accordance with law, therefore, we are not conformity with the view taken by the ld. CIT(A) by confirming the order passed by the ld. AO regarding the instant issue. Accordingly, ground taken by the assessee is allowed and addition made in the h....