https://www.taxtmi.com/caselaws?id=753176 ITAT Surat allowed the assessee's appeal regarding disallowance of business loss from securities trading. The AO rejected LTCG claims on penny stock transactions, citing unexplained physical share delivery and absence of spot delivery contract notes required under Securities Contract Act. However, ITAT held that the assessee provided sufficient evidence including bills, contract notes, demat statements, and bank records proving transaction genuineness. The AO failed to establish collusive transactions or provide material evidence against the assessee. ITAT emphasized that additions cannot be made on suspicion, estimation, or conjecture basis, and deleted the addition made by AO. en-us Fri, 05 Jan 2024 00:00:00 +0530 Mon, 27 May 2024 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753176 ITAT Surat allowed the assessee's appeal regarding disallowance of business loss from securities trading. The AO rejected LTCG claims on penny stock transactions, citing unexplained physical share delivery and absence of spot delivery contract notes required under Securities Contract Act. However, ITAT held that the assessee provided sufficient evidence including bills, contract notes, demat statements, and bank records proving transaction genuineness. The AO failed to establish collusive transactions or provide material evidence against the assessee. ITAT emphasized that additions cannot be made on suspicion, estimation, or conjecture basis, and deleted the addition made by AO. Case-Laws Income Tax Fri, 05 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753176