HC sets aside ITAT order, reinstates share trading disallowance; highlights error under Circular No. 5 of 2024

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....The HC held that the ITAT erred in allowing the assessee's appeal regarding disallowance on account of share trading, as it failed to independently examine the facts or correctness of the CIT(A) and assessing officer's reasoning. The tribunal's reliance on a coordinate bench decision, without establishing identical facts, was flawed. The court distinguished the present case from Brightstar Vincom Pvt Ltd, noting the applicability of an exception under Circular No. 5 of 2024, which was not considered by the ITAT. Consequently, the HC set aside the ITAT's order, reinstating the appellate authority and assessing officer's disallowance, affirming the revenue's position.....