https://www.taxtmi.com/caselaws?id=195076 The HC held that the AO and Tribunal failed to substantiate the claim that the assessee artificially generated losses through pre-arranged transactions to reduce taxable income. Since there was no evidence of income suppression or undervaluation of goods, the losses were genuine and deductible. The Tribunal's order was set aside for lack of proper application of mind, and the AO's order allowing the loss deduction was restored. Suspicion of artificial loss generation was deemed unsubstantiated and unreasonable. en-us Thu, 28 Feb 2013 00:00:00 +0530 Mon, 04 Aug 2025 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195076 The HC held that the AO and Tribunal failed to substantiate the claim that the assessee artificially generated losses through pre-arranged transactions to reduce taxable income. Since there was no evidence of income suppression or undervaluation of goods, the losses were genuine and deductible. The Tribunal's order was set aside for lack of proper application of mind, and the AO's order allowing the loss deduction was restored. Suspicion of artificial loss generation was deemed unsubstantiated and unreasonable. Case-Laws Income Tax Thu, 28 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195076