ITAT held that sale of shares by the assessee to the firm in which he is a Partner as a genuine transaction

ACIT Vs Chetan Durgadas Mehra (ITAT Mumbai)- Assessing Officer considered the sale of shares by the assessee to the firm in which he is a Partner as a non genuine transaction. Consequently he re-worked out the P&L account as stated in page 8 of the assessment order and determined the loss from the business at a lesser figure of Rs. 52,56,153/- as against Rs. 1,95,98,779/- incurred by the assessee in the business of purchase and sale of shares and securities. The reasons for Assessing Officer’s action in disallowing the amoun

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