Penny Stock Loss Addition Deleted as Transactions Were Supported by Documentary Evidence

PCIT Vs Sangitaben Jagdishkumar Shah (Gujarat High Court) Bogus Loss Allegation Rejected Because SEBI Had Not Blacklisted the Share Script; Share Trading Loss Allowed Because Transactions Were Conducted Through Banking Channels; Revenue Appeal Fails Because No Evidence Contradicted Genuine Share Transactions; Loss on Share Transactions Cannot Be Treated as Bogus Without Defects in Evidence. The Gujarat High Court dismissed a tax appeal filed by the Revenue challenging the order of the Income Tax Appellate Tribunal (ITAT) for Assessment Year 2011-12. The Revenue sought consideration of a subs...