https://www.taxtmi.com/caselaws?id=762082 Delhi HC ruled in favor of the assessee regarding disallowance of loss from sale and purchase of dies. The court held that the AO cannot substitute its judgment for the assessee's commercial wisdom. The AO's decision was based on surmises and assumptions without evidence of bogus transactions. The court found no allegation of undisclosed consideration or clandestine arrangements. The transactions were genuine commercial decisions, and the fact that some dies were purchased from affiliated entities did not indicate the loss was not genuine. The addition was made solely on suspicion without material evidence. en-us Thu, 14 Nov 2024 00:00:00 +0530 Sat, 23 Nov 2024 08:01:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762082 Delhi HC ruled in favor of the assessee regarding disallowance of loss from sale and purchase of dies. The court held that the AO cannot substitute its judgment for the assessee's commercial wisdom. The AO's decision was based on surmises and assumptions without evidence of bogus transactions. The court found no allegation of undisclosed consideration or clandestine arrangements. The transactions were genuine commercial decisions, and the fact that some dies were purchased from affiliated entities did not indicate the loss was not genuine. The addition was made solely on suspicion without material evidence. Case-Laws Income Tax Thu, 14 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762082