https://www.taxtmi.com/caselaws?id=765611 ITAT Kolkata dismissed the assessee's appeal challenging denial of business loss from equity share transactions. The assessee claimed losses from Nikki Global Finance Limited, which was listed among 84 SEBI-identified penny stock companies. The tribunal found no evidence proving genuine business loss in regular course of business activity. Following Swati Bajaj precedent, the tribunal held the loss was an accommodation entry to evade tax liability. The CIT(A)'s order denying set-off was upheld as the assessee failed to substantiate the genuineness of claimed business losses. en-us Wed, 29 Jan 2025 00:00:00 +0530 Wed, 05 Feb 2025 08:38:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765611 ITAT Kolkata dismissed the assessee's appeal challenging denial of business loss from equity share transactions. The assessee claimed losses from Nikki Global Finance Limited, which was listed among 84 SEBI-identified penny stock companies. The tribunal found no evidence proving genuine business loss in regular course of business activity. Following Swati Bajaj precedent, the tribunal held the loss was an accommodation entry to evade tax liability. The CIT(A)'s order denying set-off was upheld as the assessee failed to substantiate the genuineness of claimed business losses. Case-Laws Income Tax Wed, 29 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765611