https://www.taxtmi.com/caselaws?id=401595 The Tribunal ruled in favor of the assessee, holding that the disallowance of losses incurred in commodity trading on NMCE was unjustified as the Assessing Officer failed to provide evidence supporting the claim that the transactions were contrived. Additionally, the Tribunal found the reopening of assessments under sections 147/148 for various assessment years to be legally flawed due to inadequate reasoning and lack of disclosure by the assessee. Consequently, the Tribunal allowed the assessee's cross objections and dismissed the Revenue's appeals, affirming the CIT(A)'s decision to delete the disallowance of losses and emphasizing the necessity of concrete evidence in tax assessments. en-us Fri, 04 Dec 2020 00:00:00 +0530 Thu, 10 Dec 2020 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401595 The Tribunal ruled in favor of the assessee, holding that the disallowance of losses incurred in commodity trading on NMCE was unjustified as the Assessing Officer failed to provide evidence supporting the claim that the transactions were contrived. Additionally, the Tribunal found the reopening of assessments under sections 147/148 for various assessment years to be legally flawed due to inadequate reasoning and lack of disclosure by the assessee. Consequently, the Tribunal allowed the assessee's cross objections and dismissed the Revenue's appeals, affirming the CIT(A)'s decision to delete the disallowance of losses and emphasizing the necessity of concrete evidence in tax assessments. Case-Laws Income Tax Fri, 04 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401595