Claim of loss on share trading business of Benami business of other party not allowed

Advertisement 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 l...