https://www.taxtmi.com/caselaws?id=294924 The Tribunal overturned the Commissioner of Income Tax (Appeals)'s decision to treat transactions as penny stock, ruling in favor of the assessee. The Tribunal found the disallowance of the claim under section 10(38) of the Income Tax Act unjustified, emphasizing the importance of concrete evidence over presumptions in tax assessments. The assessee's transactions through the Bombay Stock Exchange were deemed genuine, leading to the direction for the Assessing Officer to grant the claimed deduction. This case underscores the significance of factual basis and legal precedents in ensuring fair outcomes in tax disputes. en-us Mon, 05 Aug 2019 00:00:00 +0530 Mon, 10 May 2021 08:49:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294924 The Tribunal overturned the Commissioner of Income Tax (Appeals)'s decision to treat transactions as penny stock, ruling in favor of the assessee. The Tribunal found the disallowance of the claim under section 10(38) of the Income Tax Act unjustified, emphasizing the importance of concrete evidence over presumptions in tax assessments. The assessee's transactions through the Bombay Stock Exchange were deemed genuine, leading to the direction for the Assessing Officer to grant the claimed deduction. This case underscores the significance of factual basis and legal precedents in ensuring fair outcomes in tax disputes. Case-Laws Income Tax Mon, 05 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294924