ITAT Upholds Disallowance of Long Term Capital Loss Claim Due to Lack of Proof

Fab Engineering Pvt. Ltd. Vs ITO (ITAT Ahmedabad) In a recent ruling, ITAT Ahmedabad ruled on a significant case concerning Fab Engineering Pvt. Ltd. and the Income Tax Officer (ITO). The dispute revolved around Fab Engineering’s claim of long-term capital loss from the sale of company shares, which the ITO had previously disallowed. Fab Engineering’s appeal against the Ld. Commissioner of Income Tax (Appeals) was based on the disallowance of a long-term capital loss claim amounting to Rs. 14,47,390. The firm also disputed an additional disallowance of Rs. 75,79,579 under Section 4...