https://www.taxtmi.com/caselaws?id=395668 The Tribunal allowed the appeal of the assessee, accepting the claim of loss from commodity transactions. The Tribunal found that the assessee provided specific details and documentary evidence to support the claim, while noting that the AO's rejection was based on mere suspicion without conducting necessary inquiries. The Tribunal held that suspicion alone cannot justify rejecting the claim, and considered the transactions non-speculative due to actual delivery taken by the assessee's agents. The AO was directed to accept the loss disclosed by the assessee and compute income accordingly. en-us Thu, 21 May 2020 00:00:00 +0530 Tue, 02 Jun 2020 09:21:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395668 The Tribunal allowed the appeal of the assessee, accepting the claim of loss from commodity transactions. The Tribunal found that the assessee provided specific details and documentary evidence to support the claim, while noting that the AO's rejection was based on mere suspicion without conducting necessary inquiries. The Tribunal held that suspicion alone cannot justify rejecting the claim, and considered the transactions non-speculative due to actual delivery taken by the assessee's agents. The AO was directed to accept the loss disclosed by the assessee and compute income accordingly. Case-Laws Income Tax Thu, 21 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395668