https://www.taxtmi.com/caselaws?id=446818 ITAT Ahmedabad allowed assessee's appeal against disallowance of short-term capital loss on share trading. AO treated transactions as sham based on general observations about company's financial viability and unusual price movements without conducting proper investigation or gathering corroborative evidence. ITAT held that AO's conclusion was based on assumptions and conjecture rather than concrete material. The tribunal noted transactions occurred on BSE platform where parties don't know each other, assessee traded in 48 different scripts with mixed results, and only set off partial gains against losses. Following Delhi HC precedent in Krishna Devi case, ITAT directed deletion of addition, emphasizing need for cogent material beyond circumstantial evidence to establish bogus transactions. en-us Fri, 08 Dec 2023 00:00:00 +0530 Mon, 11 Dec 2023 09:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446818 ITAT Ahmedabad allowed assessee's appeal against disallowance of short-term capital loss on share trading. AO treated transactions as sham based on general observations about company's financial viability and unusual price movements without conducting proper investigation or gathering corroborative evidence. ITAT held that AO's conclusion was based on assumptions and conjecture rather than concrete material. The tribunal noted transactions occurred on BSE platform where parties don't know each other, assessee traded in 48 different scripts with mixed results, and only set off partial gains against losses. Following Delhi HC precedent in Krishna Devi case, ITAT directed deletion of addition, emphasizing need for cogent material beyond circumstantial evidence to establish bogus transactions. Case-Laws Income Tax Fri, 08 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446818