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2019 (11) TMI 1297 - ITAT CHANDIGARHStock Loss in trading of wheat - genuine loss - HELD THAT:- Suspicion however may be strong, but only on the basis of the suspicion claim of the assessee cannot be rejected. For buttressing this aspect, we would like to refer decisions of Hon’ble Supreme Court in the case referred by the ld.counsel for the assessee in his synopsis viz. Omar Salay Mohamed Sait Vs. CIT, [1959 (3) TMI 2 - SUPREME COURT] AND CIT Vs. Daulat Ram Rawatmull [1972 (9) TMI 9 - SUPREME COURT]. In both these decisions, Hon’ble Supreme Court propounded that claim of the assessee cannot be rejected on surmises, suspicion and conjecture. It is for the Assessing Officer to prove that apparent is not real. Similarly, as far as finding of the CIT(A) that the alleged loss is speculative loss, we are of the view that the ld.CIT(A) has based his finding on the ground that actual delivery was not taken. CIT(A) failed to appreciate that delivery taken by the “Pakka Arhtias” in the capacity of agent of the assessee is to be construed as actual delivery taken by the assessee. Therefore, in view of the above discussion, we are of the view that ld.Revenue authorities have failed to bring conclusive evidence for falsifying the claim of the assessee. We allow the appeal of the assessee and direct the Assessing Officer to accept the loss disclosed by the assessee on stock-loss of wheat, and thereafter compute the income of the assessee. - Decided in favour of assessee.
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