Loss under Options Maxima Scheme claimed by agent is not allowable

DCIT Vs Aditya Birla Money Mart Limited (ITAT Mumbai)

ITAT Mumbai held that loss of clients incurred under Options Maxima Scheme claimed by the assessee (being an agent) in its return is not allowable.

Facts-

The Revenue challenged the action of the CIT(A) in deleting the disallowance of the assessee’s claim of exceptional losses on account of certain trades of Rs.95,68,91,785/-. Notably, the assessee company was acting as an authorise

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