Disallowance stating hedging transactions in non-cleared securities as illegal is unsustainable

Atul C. Vyas Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that disallowance alleging that the hedging transactions in ‘non-cleared securities’ are illegal are unsustainable in law

Facts- During the course of survey, certain share certificates registered in the name of the assessee were found. The value of those shares was ₹ 86,300/-. Hence the assessee was asked to explain the sources for making the above said investments. It was submitted that these share certificates do not belong to the assessee an

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