Disallowance of loss on share unsustainable as evidences duly submitted

Genuine Finance Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that disallowance of loss on share on mere conjecture and surmises is unsustainable as assessee duly submitted all the evidences.

Facts- The assessee is engaged in the business of shares and securities and trades in shares of various companies and income / loss earned therefrom is shown as business income. The assessee filed return of income for A.Y. 2011-12 on 30.09.2011 declaring total loss of Rs. 60,36,102/-. AO observed that th

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