https://www.taxtmi.com/caselaws?id=282819 The Tribunal ruled in favor of the assessee, finding that there was substantial evidence supporting the genuineness of the transactions and clearing them of market manipulation allegations. The Tribunal held that the Assessing Officer's addition based on suspicion and generalized allegations was unsustainable. Consequently, the Tribunal directed the AO to delete the addition of Rs. 7,12,89,467/- and allowed the appeals in favor of the assessee. The Tribunal also criticized the AO for not providing an opportunity for cross-examination and relying on unverified statements. en-us Wed, 08 May 2019 00:00:00 +0530 Mon, 26 Aug 2019 17:24:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282819 The Tribunal ruled in favor of the assessee, finding that there was substantial evidence supporting the genuineness of the transactions and clearing them of market manipulation allegations. The Tribunal held that the Assessing Officer's addition based on suspicion and generalized allegations was unsustainable. Consequently, the Tribunal directed the AO to delete the addition of Rs. 7,12,89,467/- and allowed the appeals in favor of the assessee. The Tribunal also criticized the AO for not providing an opportunity for cross-examination and relying on unverified statements. Case-Laws Income Tax Wed, 08 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282819