Taxpayer Wins: Tribunal Rejects Fraud Claims on Currency Trades Due to Lack of Evidence, Deletes Unsupported Additions.

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....Alleged fraudulent transactions and non-genuine losses claimed by the assessee in currency option trades on the United Stock Exchange (USE). The key points are: The Assessing Officer (AO) relied on the 'Project Falcon' report pertaining to stock option trading on the Bombay Stock Exchange to allege that the assessee's losses from certain currency option trades on USE were non-genuine. However, the ITAT held that the 'Project Falcon' report had no connection with the assessee's trades on USE. The assessee had declared profits from several trades, and only a few transactions showing losses were questioned by the AO without any independent inquiry. The ITAT concluded that there was no material to establish that the specific loss-making transac.........