https://www.taxtmi.com/caselaws?id=774821 ITAT Ahmedabad upheld CIT(A)'s decision dismissing Revenue's appeals in a penny stock transaction case. The court found AO's reopening under Section 147 improper as assessee had disclosed losses in original return, establishing no income escapement. AO's reasoning was self-contradictory since transactions were fully disclosed. Regarding short-term capital loss addition, ITAT confirmed CIT(A)'s deletion finding no evidence of bogus transactions or cash exchange. All transactions occurred through recognized stock exchanges with proper documentation. AO's disallowance based on mere conjecture without substantive evidence was deemed incorrect. en-us Fri, 04 Jul 2025 00:00:00 +0530 Tue, 15 Jul 2025 08:39:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774821 ITAT Ahmedabad upheld CIT(A)'s decision dismissing Revenue's appeals in a penny stock transaction case. The court found AO's reopening under Section 147 improper as assessee had disclosed losses in original return, establishing no income escapement. AO's reasoning was self-contradictory since transactions were fully disclosed. Regarding short-term capital loss addition, ITAT confirmed CIT(A)'s deletion finding no evidence of bogus transactions or cash exchange. All transactions occurred through recognized stock exchanges with proper documentation. AO's disallowance based on mere conjecture without substantive evidence was deemed incorrect. Case-Laws Income Tax Fri, 04 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774821