In absence of Direct Evidence Share Trading Loss cannot be treated as Bogus

Raigarh Jute & Textile Mills Ltd Vs ACIT (ITAT Kolkata) Share Trading Loss cannot be treated as bogus in the absence of any direct incriminating evidence against the assessee on the basis of mere distinguishable and weak circumstantial evidence In the case, Raigarh Jute & Textile Mills Ltd, the appellant, argued against the allegations put forth by the Assessing Officer (AO). The appellant denied their involvement in any long-term capital gains, contended that the purchase of shares was made from their own funds, and disputed any alignment with the case of PCIT vs. Swati Bajaj & Or...