https://www.taxtmi.com/caselaws?id=349161 The appeal against the order of Ld. CIT (A) for AY 2006-07 regarding the disallowance of a loss on the sale of shares was initially dismissed but later recalled for hearing. The Ld. CIT (A) upheld the disallowance due to lack of convincing evidence by the appellant. The Tribunal found the appellant had not substantiated their claim adequately but decided to restore the issue to the AO for fresh adjudication, granting the appellant another opportunity to present their case. The penalty imposed under section 271(1)(c) was also restored for fresh adjudication after the completion of assessment proceedings. en-us Wed, 04 Oct 2017 00:00:00 +0530 Sat, 07 Oct 2017 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349161 The appeal against the order of Ld. CIT (A) for AY 2006-07 regarding the disallowance of a loss on the sale of shares was initially dismissed but later recalled for hearing. The Ld. CIT (A) upheld the disallowance due to lack of convincing evidence by the appellant. The Tribunal found the appellant had not substantiated their claim adequately but decided to restore the issue to the AO for fresh adjudication, granting the appellant another opportunity to present their case. The penalty imposed under section 271(1)(c) was also restored for fresh adjudication after the completion of assessment proceedings. Case-Laws Income Tax Wed, 04 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349161