https://www.taxtmi.com/caselaws?id=436337 Loss claimed from transactions in alleged penny stock scrips was treated as non-genuine where the assessment material, including an investigation report, indicated accommodation entries and paper transactions. The ITAT Kolkata followed binding jurisdictional High Court and coordinate bench precedent holding that such share dealings, when supported by surrounding circumstances showing no commercial substance, can be characterised as bogus. On that basis, the Tribunal found no merit in the assessee's challenge and upheld the disallowance of the claimed loss. en-us Thu, 09 Feb 2023 00:00:00 +0530 Tue, 11 Apr 2023 09:11:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436337 Loss claimed from transactions in alleged penny stock scrips was treated as non-genuine where the assessment material, including an investigation report, indicated accommodation entries and paper transactions. The ITAT Kolkata followed binding jurisdictional High Court and coordinate bench precedent holding that such share dealings, when supported by surrounding circumstances showing no commercial substance, can be characterised as bogus. On that basis, the Tribunal found no merit in the assessee's challenge and upheld the disallowance of the claimed loss. Case-Laws Income Tax Thu, 09 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436337