No Disallowance for Losses in Volatile Penny Stock Without Concrete Evidence

ACIT Vs Adihemshree Financial (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) in Mumbai heard appeals filed by the revenue and cross-objections by the assessee, Adihemshree Financial, for the assessment years 2014-15, 2015-16, and 2016-17. All cases involved the same issues and were consolidated for a single ruling, with the assessment year 2014-15 serving as the lead case. Background Adihemshree Financial, a partnership firm, is a prolific trader of shares, securities, and derivatives on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The firm reported a significant ...