https://www.taxtmi.com/caselaws?id=445756 ITAT Ahmedabad allowed the assessee's appeal against disallowance of business loss in share trading. The AO alleged assessee's direct involvement in sham transactions with entry providers but failed to substantiate claims despite having contract notes, investor reports, and client-wise summaries. The AO merely observed that shares were controlled by entry providers without demonstrating actual involvement in bogus transactions. Price fluctuation charts alone were insufficient grounds for disallowing business loss. The tribunal found AO's disallowance unjustified due to lack of concrete evidence. en-us Wed, 15 Nov 2023 00:00:00 +0530 Sat, 18 Nov 2023 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445756 ITAT Ahmedabad allowed the assessee's appeal against disallowance of business loss in share trading. The AO alleged assessee's direct involvement in sham transactions with entry providers but failed to substantiate claims despite having contract notes, investor reports, and client-wise summaries. The AO merely observed that shares were controlled by entry providers without demonstrating actual involvement in bogus transactions. Price fluctuation charts alone were insufficient grounds for disallowing business loss. The tribunal found AO's disallowance unjustified due to lack of concrete evidence. Case-Laws Income Tax Wed, 15 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445756