Disallowance of loss from trading in penny shares was rejected. ...

Loss from trading penny shares allowed. Transactions genuine despite neutralizing gains. High trading volumes ignored. Market rigging unproven.

Case Laws Income Tax

July 30, 2024

Disallowance of loss from trading in penny shares was rejected. The Assessing Officer's finding that the trading loss was not commercially prudent was not accepted. The transactions were not proven bogus, merely intended to neutralize gains. The Assessing Officer selectively interpreted facts, ignoring high trading volumes in those shares. Allegations of market rigging were unfounded. Following precedent, the addition was deleted with consequential relief.

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Disallowance of loss from trading in penny shares was rejected. ...

Loss from trading penny shares allowed. Transactions genuine despite neutralizing gains. High trading volumes ignored. Market rigging unproven.

Case Laws Income Tax

July 30, 2024

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