Short-Term Capital Loss Addition Unsustainable: Transaction Not Bogus

Lokendra Khandelwal Vs ITO (ITAT Jaipur) ITAT Jaipur held that addition towards short term capital loss treating it as bogus unsustainable as transaction of purchase and sale of shares done through banking channel and STT duly paid thereon. Facts- AO on the basis of the information received from Investigation Wing, Calcutta/Mumbai formed an opinion that the short term capital loss declared by the assessee on shares of Luminaire Technologies for Rs. 3,41,083/- was bogus and hence a show cause notice was issued to the assessee. An explanation was furnished by the assessee but the AO was not conv...