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Bogus Share Trading Loss Held Speculative, Set-off Denied
Case Law Details
- Case Name
- Narain Properties Limited Vs ACIT (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1997-98
- Courts
- All ITAT, ITAT Lucknow
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Narain Properties Limited Vs ACIT (ITAT Lucknow)
Share Trading Loss Held Speculative and Bogus — No Set-off Against Interest Income; Assessee’s Appeal Dismissed
The Lucknow Bench of the ITAT dismissed the appeal of Narain Properties Ltd. and upheld the order of the CIT(A) confirming the disallowance of share trading loss of ₹11.03 lakh, holding that the alleged purchase and sale of shares were not genuine and lacked proof of actual delivery.
The Assessing Officer had treated the loss as speculation loss under Sections 43(5) and 73, noting abnormal features such as delayed accounting entr...
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