Disallowance of claim of loss set aside as no record demonstrated assessee’s involvement in price rigging

Mark Corporate Advisors Pvt. Ltd. Vs ACIT (ITAT Mumbai) ITAT Mumbai held that disallowance of claim of loss alleging participation in price rigging cannot be sustained since nothing is brought on record to demonstrate involvement of assessee in price rigging. Accordingly, claim of loss allowed. Facts- The present appeal has been filed by the appellant mainly contesting that CIT(A) has erred in confirming the disallowance of business loss of Rs. 3,28,92,419/-, by holding the loss on sale of listed scrips as pre-arranged transaction. It is also contested that CIT(A) has erred in confirming the a...