https://www.taxtmi.com/caselaws?id=771588 F&O loss could not be disallowed merely on suspicion that the trades were fictitious or created to generate artificial loss. The transactions were executed through the exchange platform, carried system-generated time stamps and transaction numbers, and reflected payment of taxes, charges and statutory levies; no adverse finding by the exchange showed the trades to be fraudulent. As the record did not contain cogent material disproving genuineness, reliance on extrapolation from a different period was insufficient. The disallowance was therefore unsustainable and was deleted. en-us Fri, 28 Mar 2025 00:00:00 +0530 Tue, 27 May 2025 11:23:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771588 F&O loss could not be disallowed merely on suspicion that the trades were fictitious or created to generate artificial loss. The transactions were executed through the exchange platform, carried system-generated time stamps and transaction numbers, and reflected payment of taxes, charges and statutory levies; no adverse finding by the exchange showed the trades to be fraudulent. As the record did not contain cogent material disproving genuineness, reliance on extrapolation from a different period was insufficient. The disallowance was therefore unsustainable and was deleted. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771588