All surrounding circumstances to a transaction is to be examined by AO in deciding genuineness of a claim

Advertisement CA Saurabh Chokhra Brief of the case: The ITAT Mumbai in the above cited case held that the surrounding circumstances and human probabilities attached to a transaction should be examined by considering the transactions as a whole. Therefore, AO cannot decide the geniuses only finding some unusual things  but also bound to examine the things which are indicating that the claim of assessee may  be genuine. Facts of the case: The assessee is a partnership firm and is engaged in the business of trading and export of diamond and allied items. During the course of assessment pro...