https://www.taxtmi.com/caselaws?id=347292 The Tax Appeal was dismissed as both the CIT(Appeals) and the Tribunal found in favor of the assessee, concluding that the disallowed loss in trading shares of specified companies was genuine. The Tribunal highlighted that the transactions were conducted through demat accounts at market rates, criticizing the Assessing Officer for lack of substantial evidence to prove fraudulence. The Revenue's argument regarding past penalties imposed by SEBI was dismissed due to lack of relevance. The decision was based on factual findings, with no legal grounds for intervention identified. en-us Mon, 28 Aug 2017 00:00:00 +0530 Fri, 01 Sep 2017 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347292 The Tax Appeal was dismissed as both the CIT(Appeals) and the Tribunal found in favor of the assessee, concluding that the disallowed loss in trading shares of specified companies was genuine. The Tribunal highlighted that the transactions were conducted through demat accounts at market rates, criticizing the Assessing Officer for lack of substantial evidence to prove fraudulence. The Revenue's argument regarding past penalties imposed by SEBI was dismissed due to lack of relevance. The decision was based on factual findings, with no legal grounds for intervention identified. Case-Laws Income Tax Mon, 28 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347292