Assessee fails to Explain Drastic Decrease of Share Rate from Rs.5.6 cr to Rs.15 lakhs: ITAT holds Transaction as Bogus and upholds Disallowance of Short-Term Capital Loss [Read Order]

By Taxscan Team - On June 13, 2022 2:07 pm - 2 mins read

Assessee - Share rate - ITAT - Transaction - Bogus - uphold Disallowance - Short Term Capital Loss - taxscan

The Bangalore Bench of Income Tax Appellate Tribunal presided by Mr. Chandra Poojari, Accountant Member and Mr. George George K, Judicial Member has held that assessee fails to explained drastic decrease of share rate from Rs.5.6 Crore to Rs.15 lakhs and holds transaction as bogus and uphold disallowance of short-term capital loss. The appellant, O3…

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