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Penny Stock Loss Addition Deleted as Transactions Were Supported by Documentary Evidence
Case Law Details
- Case Name
- PCIT Vs Sangitaben Jagdishkumar Shah (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Gujarat High Court
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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...
