ITAT deletes Disallowance of Trading Loss on Alleged Penny Stock Shares Due to Insufficient Evidence of Price Manipulation [Read Order]

Considering the lack of conclusive evidence for alleged penny stock price manipulation, the ITAT deleted the disallowance
By Kavi Priya - On November 23, 2024 7:04 pm - 2 mins read
ITAT - Disallowance - Trading Loss - Penny Stock Shares - Insufficient Evidence - Price Manipulation - taxscan

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted the disallowance of trading losses claimed by the assessee on alleged penny stock shares, citing insufficient evidence of price manipulation. Sagar Jhaveri, the assessee filed his income tax return declaring an income of Rs. 41,27,580. During his initial filing, he claimed losses on certain…

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