Revenue Fails to Substantiate Alleged Bogus Loss; Transaction Executed via BSE with STT Payment Deemed Genuine

Duxton Hills Builders [P] Ltd Vs ACIT (ITAT Delhi) Introduction: Duxton Hills Builders [P] Ltd has found itself in a legal battle against the ACIT Circle -7(2), with the Income Tax Appellate Tribunal (ITAT) Delhi recently delivering a significant judgment on the matter. The appeal, arising from the assessment year 2016-17, primarily revolves around the disallowance of a short-term capital loss claimed on the sale of listed securities. The crux of the issue lies in the Assessing Officer’s suspicion that the claimed short-term capital loss of Rs. 1,41,29,999/- is a result of a sham transac...