https://www.taxtmi.com/caselaws?id=466095 Disallowance of losses in commodity trading based solely on an uncorroborated and retracted broker statement is not acceptable; a retracted or uncorroborated statement recorded by investigation authorities cannot be used as evidence where corroboration is absent and the maker was not subject to cross-examination, and the revenue must produce other supporting material. A contemporaneous third-party confirmation addressed to the tax officer and books/cheque evidence must be accepted if no contrary evidence exists, shifting the evidentiary burden back onto the revenue to prove bogus transactions. en-us Fri, 13 Apr 2018 00:00:00 +0530 Fri, 23 Jan 2026 19:18:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466095 Disallowance of losses in commodity trading based solely on an uncorroborated and retracted broker statement is not acceptable; a retracted or uncorroborated statement recorded by investigation authorities cannot be used as evidence where corroboration is absent and the maker was not subject to cross-examination, and the revenue must produce other supporting material. A contemporaneous third-party confirmation addressed to the tax officer and books/cheque evidence must be accepted if no contrary evidence exists, shifting the evidentiary burden back onto the revenue to prove bogus transactions. Case-Laws Income Tax Fri, 13 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466095