Disallowance of short term capital loss unjustified as no evidence disproves genuineness of transaction

ACIT Vs Ranu Vohra (ITAT Mumbai) ITAT Mumbai held that disallowance of short term capital loss not justified since there is no evidence on record based on which genuineness of transactions can be doubted. Hence, held that conclusion drawn by AO is wholly irrational and unsustainable. Facts- In course of assessment proceedings, AO, while verifying the return of income noticed that in the year under consideration, assessee had sold 1,23,73,872 shares of Avendus Capital Pvt. Ltd. on 02.02.2016 and derived long term capital gain of Rs.16,81,07,825/-. As against the capital gain so derived, the ass...