Trading Loss incurred cannot be held Bogus merely based on Modus Operandi unearthed from Third Party without cogent materials: ITAT [Read Order]

Trading Loss - Bogus - ITAT - cogent material - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that trading loss incurred cannot be held bogus merely based on modus operandi unearthed from third party without cogent materials. The Revenue challenged the order of CIT(A) in deleting the addition of Rs.36,29,308/- on account of loss claimed in trading of…

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