https://www.taxtmi.com/caselaws?id=761373 Additions for alleged non-genuine losses in illiquid option trades require independent, transaction-specific evidence; a general investigation report and allegations of manipulative reversal trades were insufficient where screen-based trades concealed counterparty identity, similar profitable transactions were accepted, and no sham transaction or unaccounted commission was proved. The disputed loss and related estimated commission additions were deleted. Similarly, purchases supported by books, invoices, warehouse receipts, delivery orders, bank records and GST returns could not be treated as colourable merely on general allegations concerning suppliers. Without cogent evidence that the purchases were non-genuine or that commission was earned, ad hoc commission additions were deleted. All disputed additions were deleted and the appeals allowed. en-us Mon, 30 Sep 2024 00:00:00 +0530 Sat, 09 Nov 2024 08:46:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761373 Additions for alleged non-genuine losses in illiquid option trades require independent, transaction-specific evidence; a general investigation report and allegations of manipulative reversal trades were insufficient where screen-based trades concealed counterparty identity, similar profitable transactions were accepted, and no sham transaction or unaccounted commission was proved. The disputed loss and related estimated commission additions were deleted. Similarly, purchases supported by books, invoices, warehouse receipts, delivery orders, bank records and GST returns could not be treated as colourable merely on general allegations concerning suppliers. Without cogent evidence that the purchases were non-genuine or that commission was earned, ad hoc commission additions were deleted. All disputed additions were deleted and the appeals allowed. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761373