https://www.taxtmi.com/caselaws?id=757844 ITAT Ahmedabad dismissed the assessee's appeal challenging addition under section 68 for disallowance of share trading losses. The AO found the trades were accommodation entries involving manipulation of penny stock prices rather than genuine business transactions. The Tribunal held that despite being a professional stock broker, the assessee failed to explain investments in three financially weak companies or justify deliberate loss-booking. Following precedent from Satish Kishore v. ITO, the Tribunal confirmed the losses were systematically arranged bogus transactions designed to convert unaccounted money, upholding the CIT(Appeals) decision to add the disallowed losses to taxable income. en-us Wed, 21 Aug 2024 00:00:00 +0530 Tue, 03 Sep 2024 08:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757844 ITAT Ahmedabad dismissed the assessee's appeal challenging addition under section 68 for disallowance of share trading losses. The AO found the trades were accommodation entries involving manipulation of penny stock prices rather than genuine business transactions. The Tribunal held that despite being a professional stock broker, the assessee failed to explain investments in three financially weak companies or justify deliberate loss-booking. Following precedent from Satish Kishore v. ITO, the Tribunal confirmed the losses were systematically arranged bogus transactions designed to convert unaccounted money, upholding the CIT(Appeals) decision to add the disallowed losses to taxable income. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757844