https://www.taxtmi.com/caselaws?id=432869 Additions tied to cash sales, unsecured loans and MCX trading loss were found unsafe on the existing record because the assessee's own affidavit questioned his capacity to carry out the transactions, the bank cheque book was with another party, and the purchase-sale chain appeared to be unsupported and possibly fictitious. The acceptance of purchases and sales as genuine was therefore held unsustainable. As the foundation of the trading activity itself was doubtful, the unsecured creditors and MCX loss also required deeper verification. The appellate order was reversed and the matter remanded to the Assessing Officer for de novo examination of the purchases, sales, bank account operations, unsecured loans and related transactions. en-us Wed, 11 Jan 2023 00:00:00 +0530 Mon, 16 Jan 2023 08:42:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432869 Additions tied to cash sales, unsecured loans and MCX trading loss were found unsafe on the existing record because the assessee's own affidavit questioned his capacity to carry out the transactions, the bank cheque book was with another party, and the purchase-sale chain appeared to be unsupported and possibly fictitious. The acceptance of purchases and sales as genuine was therefore held unsustainable. As the foundation of the trading activity itself was doubtful, the unsecured creditors and MCX loss also required deeper verification. The appellate order was reversed and the matter remanded to the Assessing Officer for de novo examination of the purchases, sales, bank account operations, unsecured loans and related transactions. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432869