https://www.taxtmi.com/caselaws?id=60231 The Tribunal ruled in favor of the appellant, directing the ITO to allow the claimed loss of Rs. 86,500 in share dealings. It found that the appellant provided supporting evidence contradicting the ITO's suspicions, emphasizing the legitimacy of the transactions supported by bank cheques. The Tribunal criticized the ITO for not utilizing powers under sections 131 and 133 of the Income Tax Act to gather evidence effectively. The judgment highlighted the importance of concrete evidence in disallowances and cautioned against baseless suspicions in tax assessments. en-us Mon, 07 Oct 1991 00:00:00 +0530 Tue, 04 Jan 2011 13:19:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60231 The Tribunal ruled in favor of the appellant, directing the ITO to allow the claimed loss of Rs. 86,500 in share dealings. It found that the appellant provided supporting evidence contradicting the ITO's suspicions, emphasizing the legitimacy of the transactions supported by bank cheques. The Tribunal criticized the ITO for not utilizing powers under sections 131 and 133 of the Income Tax Act to gather evidence effectively. The judgment highlighted the importance of concrete evidence in disallowances and cautioned against baseless suspicions in tax assessments. Case-Laws Income Tax Mon, 07 Oct 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60231