https://www.taxtmi.com/caselaws?id=445005 ITAT Indore ruled in favor of the assessee regarding short-term capital loss on share transactions. Despite unusual price hikes in shares not backed by fundamentals, the tribunal found all transactions were genuine as they occurred on the stock exchange floor with proper documentation including contract notes, delivery through demat accounts, and bank payments. Following precedent from Bombay HC in similar case, the tribunal held that complete documentary evidence supported the transactions' authenticity, making the AO's disallowance of short-term loss unjustified. en-us Mon, 28 Aug 2023 00:00:00 +0530 Fri, 27 Oct 2023 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445005 ITAT Indore ruled in favor of the assessee regarding short-term capital loss on share transactions. Despite unusual price hikes in shares not backed by fundamentals, the tribunal found all transactions were genuine as they occurred on the stock exchange floor with proper documentation including contract notes, delivery through demat accounts, and bank payments. Following precedent from Bombay HC in similar case, the tribunal held that complete documentary evidence supported the transactions' authenticity, making the AO's disallowance of short-term loss unjustified. Case-Laws Income Tax Mon, 28 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445005