No Price Rigging Evidence in Penny Stock Loss: Calcutta HC dismisses Revenue Appeal

PCIT Vs R.C. Suppliers Private Limited (Calcutta High Court) Calcutta High Court has dismissed an appeal filed by the Principal Commissioner of Income Tax (PCIT) against R.C. Suppliers Private Limited, upholding an Income Tax Appellate Tribunal (ITAT) decision that found no evidence of price rigging by the assessee in a Rs. 71.38 lakh penny stock loss case. The revenue’s appeal, challenging the ITAT’s order dated November 29, 2023, for the assessment year 2014-15, was rejected on the grounds that it raised no substantial questions of law. The case revolved around the disallowance m...