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Entire Derivative Loss Addition Deleted for Lack of Evidence & Reliance on Invalid SEBI Order
Case Law Details
- Case Name
- Prompt Commodities Ltd Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Kolkata
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Prompt Commodities Ltd Vs ITO (ITAT Kolkata)
No Evidence, No Enquiry, Only Suspicion: Kolkata ITAT Deletes Entire Derivative Loss Addition- F&O & Currency Loss Genuine: AO Cannot Rely on Invalid SEBI Order
Assessee, a registered broker & trader in securities/commodities, claimed BSE F&O loss of ₹5,01,71,829 & currency-derivative loss of ₹2,75,70,970 incurred through broker Goodluck Securities. AO treated both losses as bogus, relying solely on SEBI’s ex-parte interim order dated 20.08.2015, alleging manipulation in liquidity stock options, & added ₹7,84,46,80...
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