https://www.taxtmi.com/caselaws?id=463336 ITAT upholds CIT(A)'s deletion of additions made by the AO for alleged bogus purchases and sales, dismissing the Revenue's appeal. The Tribunal held that purchases and sales values of trading transactions cannot be added to determine taxable income and that the assessee did not derive income equal to those transaction values. Revenue's alternative contention that transactions were speculative was rejected because only the declared income, already assessed, could be taxed. The Tribunal also found CIT(A) had considered the ex-director's statement. The AO's additions were held unjustified and unsustainable. en-us Tue, 28 Jun 2022 00:00:00 +0530 Tue, 26 Aug 2025 13:05:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463336 ITAT upholds CIT(A)'s deletion of additions made by the AO for alleged bogus purchases and sales, dismissing the Revenue's appeal. The Tribunal held that purchases and sales values of trading transactions cannot be added to determine taxable income and that the assessee did not derive income equal to those transaction values. Revenue's alternative contention that transactions were speculative was rejected because only the declared income, already assessed, could be taxed. The Tribunal also found CIT(A) had considered the ex-director's statement. The AO's additions were held unjustified and unsustainable. Case-Laws Income Tax Tue, 28 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463336