Disallowance of losses suffered by the appellant on genuine share trading and direct expenses incurred....

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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