https://www.taxtmi.com/caselaws?id=769300 ITAT Mumbai dismissed revenue's appeal regarding disallowance of trading losses in penny stocks and commission payments. The tribunal found no substantial contrary evidence to reject assessee's documentary proof of genuine transactions. Addition under section 69C for alleged commission payments was deleted as baseless. Regarding NSEL bad debt write-off, ITAT upheld CIT(A)'s deletion of addition, noting AO's disallowance lacked basis and contradicted established legal provisions. The tribunal emphasized need for consistent treatment across assessment years when facts are identical, directing AO to allow both business loss and bad debt claims. en-us Mon, 07 Apr 2025 00:00:00 +0530 Wed, 23 Apr 2025 09:09:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769300 ITAT Mumbai dismissed revenue's appeal regarding disallowance of trading losses in penny stocks and commission payments. The tribunal found no substantial contrary evidence to reject assessee's documentary proof of genuine transactions. Addition under section 69C for alleged commission payments was deleted as baseless. Regarding NSEL bad debt write-off, ITAT upheld CIT(A)'s deletion of addition, noting AO's disallowance lacked basis and contradicted established legal provisions. The tribunal emphasized need for consistent treatment across assessment years when facts are identical, directing AO to allow both business loss and bad debt claims. Case-Laws Income Tax Mon, 07 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769300