Issue of Bogus Loss on Sale of Share does not arise From ITAT Order Challenged in Petition: Calcutta HC dismisses Petition

The Calcutta High Court dismissed a petition challenging an Income Tax Appellate Tribunal (ITAT) order, which had ruled against the petitioner regarding a bogus loss claimed on the sale of shares. The court found no substantial reason to interfere with the ITAT’s decision, emphasizing that the loss claimed did not arise from genuine transactions. This case highlights the judiciary’s stance on tackling tax evasion schemes involving artificial losses and the importance of substantiating claims with genuine evidence in tax assessments.