Entire Derivative Loss Addition Deleted for Lack of Evidence & Reliance on Invalid SEBI Order

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

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