https://www.taxtmi.com/caselaws?id=773812 ITAT Mumbai ruled in favor of the assessee regarding disallowance of business losses on listed scrips. The AO alleged the transactions were pre-arranged and bogus, disallowing losses and adding alleged commission payments. The Tribunal found the losses were incurred in regular business course with corroborative evidence. The AO failed to analyze supporting documents and relied solely on investigation reports without demonstrating the assessee's involvement in price rigging. Mere indirect benefit from alleged share price manipulation by other operators was insufficient to disallow legitimate business losses. Both additions were deleted. en-us Mon, 23 Jun 2025 00:00:00 +0530 Sat, 28 Jun 2025 08:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773812 ITAT Mumbai ruled in favor of the assessee regarding disallowance of business losses on listed scrips. The AO alleged the transactions were pre-arranged and bogus, disallowing losses and adding alleged commission payments. The Tribunal found the losses were incurred in regular business course with corroborative evidence. The AO failed to analyze supporting documents and relied solely on investigation reports without demonstrating the assessee's involvement in price rigging. Mere indirect benefit from alleged share price manipulation by other operators was insufficient to disallow legitimate business losses. Both additions were deleted. Case-Laws Income Tax Mon, 23 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773812