Assessee is  engaged in trading penny stocks, specifically shares of Alang Industrial Gases Ltd  (AIGL) and Kappac Pharma Ltd (KPL).    AO disallowed the loss. On appeal the CIT(A) and Tribunal allowed the loss  on the ground that  the assessee had no control over share prices and had genuinely incurred losses, particularly with AIGL shares where only a portion were sold, and rest were held into subsequent assessment year. Regarding shares of KPL, Tribunal reasoned that market rate being lower, justified business loss, even though shares were not sold. High Court affirmed the order of the Tribunal. (AY. 2015-16)