https://www.taxtmi.com/caselaws?id=442480 The appeal by the Revenue challenging the legitimacy of Short Term Capital Loss (STCL) claimed by the assessee was dismissed. The CIT(A)'s decision to allow the STCL claim was upheld by the Tribunal, which found that the assessee had provided substantial evidence to support the genuineness of the transactions. The Tribunal noted that the Assessing Officer did not conduct an independent investigation and relied on a report that lacked specific details on the alleged manipulation. The Tribunal also rejected the Revenue's argument regarding the applicability of CBDT Circulars on monetary limits for filing appeals. en-us Mon, 28 Aug 2023 00:00:00 +0530 Fri, 01 Sep 2023 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442480 The appeal by the Revenue challenging the legitimacy of Short Term Capital Loss (STCL) claimed by the assessee was dismissed. The CIT(A)'s decision to allow the STCL claim was upheld by the Tribunal, which found that the assessee had provided substantial evidence to support the genuineness of the transactions. The Tribunal noted that the Assessing Officer did not conduct an independent investigation and relied on a report that lacked specific details on the alleged manipulation. The Tribunal also rejected the Revenue's argument regarding the applicability of CBDT Circulars on monetary limits for filing appeals. Case-Laws Income Tax Mon, 28 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442480