ITAT Deletes MAT Adjustment as Section 115JB Not Permit Exclusion of Alleged Bogus Loss

Bihariji Consultancy Pvt Ltd Vs ITO (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, heard connected appeals relating to assessment orders passed under Sections 143(3) and 154 of the Income Tax Act for Assessment Year 2014-15. The Assessing Officer had treated losses arising from the sale of shares of SRK Industries Ltd. as bogus, relying heavily on an Investigation Wing report and treating the scrip as a suspicious penny stock transaction. The assessee argued that the transactions were not properly verified and relied on the coordinate bench ruling in Vishwas Marketing Services P...