HomeDirect TaxPenny Stock Loss Disallowance Can’t Rest on General Investigation Inputs Without Direct...

Penny Stock Loss Disallowance Can’t Rest on General Investigation Inputs Without Direct Evidence: Calcutta High Court

Published on

🚀 Stay Connected With JurisHour

WhatsApp X Telegram

The Calcutta High Court has dismissed an income tax appeal filed by the department, holding that losses claimed from trading in listed equity shares cannot be disallowed merely on the basis of general investigation reports or suspicion surrounding so-called penny stocks, in the absence of direct and cogent evidence against the assessee.  The bench of…

Membership Required

You must be a member to access this content.

View Membership Levels

Already a member? Log in here
Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

Latest articles

Composite GST SCN for Multiple Years Held Unsustainable: Kerala High Court

The Kerala High Court has set aside a GST show cause notice (SCN) holding...

New Income Tax Act, 2025 to Take Effect from April 1, 2026, Introducing Simplified “Tax Year” System

India is set to usher in a major overhaul of its direct tax framework...

Unexplained 435-Day Delay Leads to Dismissal of Tax Revision Petition: Karnataka High Court

The Karnataka High Court has dismissed a Sales Tax Revision Petition, refusing to condone...

GSTAT Rajkot Bench Becomes Operational

The Goods and Services Tax Appellate Tribunal (GSTAT) has formally commenced operations of its...

More like this

Composite GST SCN for Multiple Years Held Unsustainable: Kerala High Court

The Kerala High Court has set aside a GST show cause notice (SCN) holding...

New Income Tax Act, 2025 to Take Effect from April 1, 2026, Introducing Simplified “Tax Year” System

India is set to usher in a major overhaul of its direct tax framework...

Unexplained 435-Day Delay Leads to Dismissal of Tax Revision Petition: Karnataka High Court

The Karnataka High Court has dismissed a Sales Tax Revision Petition, refusing to condone...