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

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.

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