https://www.taxtmi.com/caselaws?id=250855 The ITAT allowed the appeal, setting aside the CIT(A) order disallowing the short-term capital loss claimed on the sale of a flat. The ITAT directed the AO to verify the genuineness of the loss claim, emphasizing the need for evidence supporting the justification of the claimed loss. The transaction between the assessee and its director was deemed genuine, warranting further verification of loan repayment. The decision highlights the importance of substantiating claims in tax matters and ensuring a fair opportunity for the assessee to prove their position. en-us Wed, 13 Aug 2014 00:00:00 +0530 Wed, 27 Aug 2014 09:32:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250855 The ITAT allowed the appeal, setting aside the CIT(A) order disallowing the short-term capital loss claimed on the sale of a flat. The ITAT directed the AO to verify the genuineness of the loss claim, emphasizing the need for evidence supporting the justification of the claimed loss. The transaction between the assessee and its director was deemed genuine, warranting further verification of loan repayment. The decision highlights the importance of substantiating claims in tax matters and ensuring a fair opportunity for the assessee to prove their position. Case-Laws Income Tax Wed, 13 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250855