Losses of Clients cannot be shifted by ABML to assessee Merely because those clients had been sourced or referred by Assessee, Claim under Options Maxima Scheme not allowable: ITAT

By Taxscan Team - On October 30, 2022 6:30 pm - 2 mins read
Losses - ABML - clients - Claim - Maxima Scheme - ITAT - taxscan

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that losses of clients cannot be shifted by ABML to the assessee merely because those clients had been sourced or referred by the assessee, Claim under the Options Maxima Scheme is not allowable. The Revenue challenged the action of the CIT(A) in deleting…

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