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TMI Blog2017 (8) TMI 186X X X X Extracts X X X X X X X X Extracts X X X X ..... on the business of brokerage and his income is shown from brokerages. The Commissioner (Appeals) and the Tribunal have come to the conclusion that the impugned loss has occurred to the assessee in respect of error trade. The loss is not on the account of assessee's own trading in shares. In the case of M/s. HSBC Securities & Capital Markets (India) P. Ltd. (2015 (5) TMI 122 - BOMBAY HIGH COURT) th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a/w Mr. Subhash Shety for the Respondent ORDER P. C. 1. The Appeal pertains to assessment year 2008-2009. 2. Mr. Kotangale, learned counsel for the Appellant strenuously contends that the claim of the assessee has been wrongly accepted by the Commissioner (Appeals) and the Tribunal. According to the learned Counsel, the Tribunal was not justified in allowing the loss incurred on sale and purc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount of error trade. The business of the assessee is trading, brokerage and trading in shares. The assessee receives commission as a brokerage for the shares purchased by his clients. The clients did not accept the delivery resulting in loss on account of error trade. Learned Counsel relies on the judgment of Madras High Court in the case of Commissioner of Income Tax Vs. Anush Shares and Securi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner (Appeals) and the Tribunal have come to the conclusion that the impugned loss has occurred to the assessee in respect of error trade. The loss is not on the account of assessee's own trading in shares. In the case of M/s. HSBC Securities & Capital Markets (India) P. Ltd. (supra), this Court was considering the Appeal against order of Tribunal, wherein the Tribunal observed that if the loss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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