Income Tax Officer, Ward 12(1), ... vs Mayukh Construction Private Limited, ... on 6 April, 2026
5. After hearing the rival submission and perusing the material
available on record, undisputedly the facts of the case are that the
assessee is a trader in Bombay Stock Exchange. During the year
assessee has purchased the shares of India Infotech and Software Ltd.
which were sold also thereby incurring loss of Rs. 72,28,366/-. The
assessee has filed all the documents/details comprising all the evidences
concerning the said stock such as copies of purchase and sales ledger ,
copy of broker account, copies of contract notes for purchase and sales
and bank statement etc the AO as well as the Ld.CIT(A). We note that
BSE has also confirmed these transactions in communication which was
in compliance of notice issued u/s 133(6) of the Act by the AO. We note
that during the course of hearing, the assessee placed before us the order
of Security Appellate Tribunal in the case of Infotech India & Software
Ltd. Vs. Security & Exchange Board of India (SEBI) dated 04.01.2023 in
appeal No. 950 of 2022 and others, wherein the Security Appellate
Tribunal, Mumbai has been given the following finding: