https://www.taxtmi.com/caselaws?id=326342 The Tribunal overturned the disallowance of a short term capital loss claimed by the assessee on shares, which was treated as a sham transaction by the Assessing Officer and confirmed by the CIT(A). The Tribunal found the purchase genuine, supported by documentary evidence such as contract notes, demat account details, and stock market quotations, emphasizing that suspicion alone is insufficient to deny the claim. The judgment underscores the significance of evidence and legal principles in assessing the genuineness of transactions, ultimately ruling in favor of the assessee. en-us Wed, 03 Feb 2016 00:00:00 +0530 Wed, 13 Apr 2016 10:02:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326342 The Tribunal overturned the disallowance of a short term capital loss claimed by the assessee on shares, which was treated as a sham transaction by the Assessing Officer and confirmed by the CIT(A). The Tribunal found the purchase genuine, supported by documentary evidence such as contract notes, demat account details, and stock market quotations, emphasizing that suspicion alone is insufficient to deny the claim. The judgment underscores the significance of evidence and legal principles in assessing the genuineness of transactions, ultimately ruling in favor of the assessee. Case-Laws Income Tax Wed, 03 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326342