AO Misinterprets Futures and Options Losses; CIT(A) Directs Removal of Incorrect Tax Additions.

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....Additions towards loss on transactions of Future/option through National Stock Exchange - While filing the return, we note that the assessee has not claimed this loss and therefore, there is no question of disallowance of loss or addition of loss when the same is not claimed in the computation of income. AO has wrongly appreciated the facts of the case which is also in appellate proceedings by Ld. CIT(A) - direct the AO to delete the addition. - AT....