https://www.taxtmi.com/caselaws?id=432464 The Tribunal dismissed the Revenue's appeal, upholding the CIT-A's decision to delete the addition of Rs. 19,310/- and allow the carry forward of the loss of Rs. 43,54,574/-. The Tribunal emphasized that the AO's actions were based on assumptions without specific adverse findings or evidence against the assessee. Genuine transactions supported by documentary evidence cannot be deemed bogus merely based on the nature of the stock involved. The appeal filed by the Revenue was thus dismissed. en-us Fri, 23 Dec 2022 00:00:00 +0530 Thu, 05 Jan 2023 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432464 The Tribunal dismissed the Revenue's appeal, upholding the CIT-A's decision to delete the addition of Rs. 19,310/- and allow the carry forward of the loss of Rs. 43,54,574/-. The Tribunal emphasized that the AO's actions were based on assumptions without specific adverse findings or evidence against the assessee. Genuine transactions supported by documentary evidence cannot be deemed bogus merely based on the nature of the stock involved. The appeal filed by the Revenue was thus dismissed. Case-Laws Income Tax Fri, 23 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432464