From a logical point of view and I photo shop a lot this seems like photo shop. This is possible with the shadows due to layering. The red eye shows its a photo of an actual person. They teach you in photo class Red Eye usually means there was a problem with the flash and the reflection of the Iris. What I think it is a photo shop of another photo. It looks like the smudge tool was used. Sorry not trying to cause problems. With spirits in full apparition the eyes usually do not show, there's nothing to reflect.  My opinion is this is fake.

While there is a larger shadow behind the "ghost" boy, I believe that shadow is from the entertainment stand, not the "ghost" boy, look at the height of the desk and the shadow.
Peace Love Light and Laughter