Share trading loss cannot be disallowed without reasonable basis

DCIT Vs UBS Securities India Private Limited (ITAT Mumbai) Conclusion: Loss incurred on account of error trades in respect of dealings of clients and not on own account and the loss incurred in course of carrying on share broking business was in line with accepted market practices, therefore, disallowance of Rs. 35,82,623/- on account of loss on share trading and ad-hoc disallowance of Rs.5,00,000/-, not supported by any reasonable basis had been rightly deleted by CIT(A). Held: Assessee-company had debited an amount of Rs.35,82,623/- on account of loss on share trading during the year. Accord...