ITAT Deletes Loss Disallowance Due to Lack of Evidence of Share Price Manipulation

Innovate Derivatives Pvt. Ltd. Vs ITO (ITAT Ahmedabad) In Innovate Derivatives Pvt. Ltd. Vs ITO, the Income Tax Appellate Tribunal (ITAT), Ahmedabad, examined an appeal against an order of the Commissioner of Income Tax (Appeals) confirming disallowance of a loss claimed on sale of shares. The matter arose from reassessment proceedings initiated under Section 147 read with Section 144B of the Income Tax Act, 1961 for Assessment Year 2019–20. The assessee, engaged in trading of shares, securities, and derivatives, had filed its return declaring a loss of ₹18,34,253. The assessment was reope...