https://www.taxtmi.com/highlights?id=105646 Reassessment based on third-party information was invalid where the recorded reasons alleged escaped income but the assessment disallowed a materially different penny-stock share-sale loss, demonstrating no independent application of mind and borrowed satisfaction. A claimed short-term capital loss on sale of shares remained allowable where contract notes, banking and broker records, demat records, and investment-account entries evidenced exchange-traded transactions through a registered broker, and no defect in that evidence was identified; general penny-stock allegations were insufficient. The Revenue's challenge to deletion of the loss disallowance was dismissed, while proceedings for another assessment year were remitted for fresh adjudication. en-us Sat, 31 Oct 2026 08:32:14 +0530 Sat, 31 Oct 2026 08:32:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=105646 Reassessment based on third-party information was invalid where the recorded reasons alleged escaped income but the assessment disallowed a materially different penny-stock share-sale loss, demonstrating no independent application of mind and borrowed satisfaction. A claimed short-term capital loss on sale of shares remained allowable where contract notes, banking and broker records, demat records, and investment-account entries evidenced exchange-traded transactions through a registered broker, and no defect in that evidence was identified; general penny-stock allegations were insufficient. The Revenue's challenge to deletion of the loss disallowance was dismissed, while proceedings for another assessment year were remitted for fresh adjudication. Highlights Income Tax Sat, 31 Oct 2026 08:32:14 +0530 https://www.taxtmi.com/highlights?id=105646