https://www.taxtmi.com/caselaws?id=754091 The ITAT Ahmedabad allowed the assessee's appeal against disallowance of trading loss in M/s Prraneta Industries shares. The tribunal held that despite allegations of bogus transactions through accommodation entries, the revenue failed to establish specific evidence linking the assessee to the alleged manipulation scheme. The assessee conducted transactions through registered stockbrokers on stock exchange with proper documentation. Given the assessee's substantial trading portfolio and sufficient brought forward losses, the disputed loss was miniscule and no prudent person would engage in bogus transactions. The tribunal emphasized that mere general allegations without specific evidence against the individual assessee cannot justify disallowance. en-us Mon, 10 Jun 2024 00:00:00 +0530 Mon, 17 Jun 2024 21:02:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754091 The ITAT Ahmedabad allowed the assessee's appeal against disallowance of trading loss in M/s Prraneta Industries shares. The tribunal held that despite allegations of bogus transactions through accommodation entries, the revenue failed to establish specific evidence linking the assessee to the alleged manipulation scheme. The assessee conducted transactions through registered stockbrokers on stock exchange with proper documentation. Given the assessee's substantial trading portfolio and sufficient brought forward losses, the disputed loss was miniscule and no prudent person would engage in bogus transactions. The tribunal emphasized that mere general allegations without specific evidence against the individual assessee cannot justify disallowance. Case-Laws Income Tax Mon, 10 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754091