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2023 (6) TMI 1113 - AT - Income TaxBogus share trading loss - capital gains/loss in penny stock companies - HELD THAT:- The company in which the assessee traded was also held to be a penny stock company. AO has noted that the above scrip of ASHIKACR in which the assessee traded appeared in the list of 84 scrip involved in dubious transaction identified by the Investigation Wing. The said report of the Investigation Wing has been duly taken note by the Hon’ble Calcutta High Court. The issue is squarely covered by the decision of the Calcutta High Court in the case of Swati Bajaj [2022 (6) TMI 670 - CALCUTTA HIGH COURT] against the assessee and in favour of the revenue.
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