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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.
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
