STCG losses rightly disallowed as assessee invested only in high risk stocks of Co. with no business activities

INCOME TAX : Where assessee was not a regular investor in shares and had invested only in high risk stocks of obscure companies with no business activity or asset which were identified as 'Penny Stocks', Assessing Officer had correctly concluded that assessee had entered into a pre-arranged sham transaction so as to convert unaccounted money into accounted money in guise of capital loss; alleged short term capital loss was rightly disallowed

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