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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

Direct Tax

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

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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…

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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.

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