Case Law Details
Mukesh Rasiklal Shah Vs ITO (ITAT Ahmedabad)
Held that the assessee was not carrying on any share trading business, and it was the benami business of other assessee. Accordingly, denial of the claim of loss justified.
Facts-
The assessee filed return declaring loss of Rs. 41311931/- being loss in business of share trading transactions from a proprietary concern, M/s. Dindayal Associates. AO held that the claim of loss in the name of M/s. Dindayal Associates, which was not actually carried on as the business of the assessee, was not the loss of the assessee and therefore, the loss claimed was assessed at NIL.
The claim of the revenue is that this share trading business was the benami of “SG” and not of the assessee, therefore denied claim of loss.
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