https://www.taxtmi.com/caselaws?id=264517 The High Court upheld the Tribunal's decision to disallow the loss claim for a partnership firm trading in raw wool, synthetic waste, and acrylic fiber. The Assessing Officer's doubts regarding the claimed loss, lack of evidence supporting the firm's explanations, and discrepancies in the financial transactions led to the disallowance. Despite the Tribunal acknowledging procedural errors, it affirmed the disallowance based on surrounding circumstances and legal principles. The High Court found no substantial question of law to challenge the Tribunal's decision, ultimately supporting the denial of the loss claim for the Assessment Year 1996-97 under the Income Tax Act. en-us Mon, 31 Aug 2015 00:00:00 +0530 Thu, 17 Nov 2016 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264517 The High Court upheld the Tribunal's decision to disallow the loss claim for a partnership firm trading in raw wool, synthetic waste, and acrylic fiber. The Assessing Officer's doubts regarding the claimed loss, lack of evidence supporting the firm's explanations, and discrepancies in the financial transactions led to the disallowance. Despite the Tribunal acknowledging procedural errors, it affirmed the disallowance based on surrounding circumstances and legal principles. The High Court found no substantial question of law to challenge the Tribunal's decision, ultimately supporting the denial of the loss claim for the Assessment Year 1996-97 under the Income Tax Act. Case-Laws Income Tax Mon, 31 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264517