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

The ITAT has deleted the disallowance of a trading loss on alleged penny stock shares due to insufficient evidence of price manipulation. The tribunal found that the Revenue did not provide adequate evidence to support the disallowance. This ruling highlights the need for substantial evidence in tax disallowances and ensures that taxpayers are not unfairly penalized.