Penny Stock Loss Addition deleted in absence of Share Price Manipulation Evidence

ITO Vs Mayukh Construction Private Limited (ITAT Kolkata) ITAT Rejects Revenue Appeal Because BSE Confirmed Penny Stock Transactions; Penny Stock Loss Held Genuine Due to Demat Records and Broker Documents; ITAT Relies on SAT Findings to Delete Addition in India Infotech Share Loss Case. The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income Tax (Appeals) deleting an addition of Rs.72,28,366 made by the Assessing Officer (AO) on account of alleged bogus loss arising from transactions in shares of India I...