Losses from Genuine Share Trading Upheld, Expenses Disallowed; Income from Property Sale Addition Confirmed.

Disallowance of losses suffered by the appellant on genuine share trading and direct expenses incurred. The key points are: The reasoning given by the Assessing Officer (AO) in the Assessment Order is based on doubts and suspicion rather than facts. A bona fide business arrangement between sister concerns with a signed agreement, not treated as bogus by authorities, cannot be considered a bogus transaction. Losses incurred have been assessed, but the part recovered from the assessee has been added, despite transactions being recorded in audited books. This view of AO/CIT(A) is unsound and additions are deleted. Disallowance of various expenses is rejected as the share trading business was wrongly held bogus. Addition on account of income fr..... .....

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