https://www.taxtmi.com/caselaws?id=461705 ITAT Jaipur allowed the assessee's appeal regarding disallowed business loss from penny stock transactions. The assessee purchased shares from disclosed sources and sold them within 7-9 months, incurring substantial losses. The AO disallowed the loss as bogus, but ITAT found the assessee discharged the primary onus of proving transaction genuineness. Revenue's disallowance was based on generalized assumptions without specific investigation into the assessee's broker or transactions. ITAT relied on Affluence Commodities precedent, noting the assessee proved transaction genuineness through online trading platforms and had no control over share prices. The addition for alleged commission was also deleted. en-us Thu, 30 May 2024 00:00:00 +0530 Tue, 22 Apr 2025 19:03:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461705 ITAT Jaipur allowed the assessee's appeal regarding disallowed business loss from penny stock transactions. The assessee purchased shares from disclosed sources and sold them within 7-9 months, incurring substantial losses. The AO disallowed the loss as bogus, but ITAT found the assessee discharged the primary onus of proving transaction genuineness. Revenue's disallowance was based on generalized assumptions without specific investigation into the assessee's broker or transactions. ITAT relied on Affluence Commodities precedent, noting the assessee proved transaction genuineness through online trading platforms and had no control over share prices. The addition for alleged commission was also deleted. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461705