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In view of the above, AO treated the impugned loss of ₹19,76,538/- as bogus and accordingly added to the total income of assessee.

5. Aggrieved, assessee preferred an appeal before Ld. CIT(A). The assessee before Ld. CIT(A) submitted that the client's name and code were modified within the time permitted by National Securities Clearing Corporation Ltd., (NSCCL short) which is the wholly owned subsidiary of NSE. The assessee also submitted that there is always huge rush during the marketing hours and therefore there is high possibility of human errors due to extremely high volume of orders which are placed on screens on real time basis. The assessee also submitted that all the transactions were carried out through banking channel and this was supported with the contract notes. The assessee also produced Form No.10BB which evidenced the payment of STT on the impugned transactions in recognized Stock Exchange. However, Ld. CIT(A) disregarded the contention of assessee and confirmed the order of AO by observing as under:-