https://www.taxtmi.com/caselaws?id=441013 The HC dismissed the Tax Appeal filed under Section 260A of the Income Tax Act, 1961, regarding the disallowance of bogus losses in penny stock trading and additions for alleged bogus transactions. The Tribunal had found the AO's conclusions to be based on assumptions without concrete evidence, noting that the transactions were conducted through proper channels. The HC agreed with the Tribunal that the appellant had discharged the initial burden of proof under Section 68 and found no substantial question of law, thus upholding the Tribunal's decision and dismissing the appeal without costs. en-us Tue, 25 Jul 2023 00:00:00 +0530 Thu, 11 Jan 2024 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441013 The HC dismissed the Tax Appeal filed under Section 260A of the Income Tax Act, 1961, regarding the disallowance of bogus losses in penny stock trading and additions for alleged bogus transactions. The Tribunal had found the AO's conclusions to be based on assumptions without concrete evidence, noting that the transactions were conducted through proper channels. The HC agreed with the Tribunal that the appellant had discharged the initial burden of proof under Section 68 and found no substantial question of law, thus upholding the Tribunal's decision and dismissing the appeal without costs. Case-Laws Income Tax Tue, 25 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441013