Disallowance of losses from share transactions as bogus ‘negative brokerage’ under section 28(i) was unjustified when the Assessing Officer failed to examine the supporting contract notes, which were in the department’s own custody. (AY. 1988-89)
PCIT, v. Bhupendra Champaklal Delal [2024] 160 taxmann.com 560 (Bom.)(HC)
S. 28(i) : Business loss-Share transactions-The Assessing Officer failed to examine the supporting contract notes, which were in the department’s own custody-Order of Tribunal affirmed.[S. 260A]
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