https://www.taxtmi.com/caselaws?id=422509 The appeal was allowed for statistical purposes, with the Tribunal directing the AO to conduct fresh verification of bills, godown receipts, and stock statements. The AO was instructed to provide a hearing opportunity to the assessee and ensure submission of all necessary details, emphasizing the need for proper verification of transactions. The decision underscores the importance of thorough assessment procedures in determining the genuineness of transactions and the appropriate treatment of losses in income tax assessments. en-us Wed, 27 Apr 2022 00:00:00 +0530 Tue, 17 May 2022 08:40:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422509 The appeal was allowed for statistical purposes, with the Tribunal directing the AO to conduct fresh verification of bills, godown receipts, and stock statements. The AO was instructed to provide a hearing opportunity to the assessee and ensure submission of all necessary details, emphasizing the need for proper verification of transactions. The decision underscores the importance of thorough assessment procedures in determining the genuineness of transactions and the appropriate treatment of losses in income tax assessments. Case-Laws Income Tax Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422509