Calcutta HC sets aside Income Tax Order deleting Disallowance on Share Trading citing Failure to prove Genuineness

The Calcutta High Court has set aside an income tax order, "deleting a disallowance on share trading, citing a failure to prove genuineness." The court's decision provides a significant victory for the taxpayer. The ruling clarifies that a tax authority cannot disallow an expense without first proving that the transaction was not genuine. The court's decision is a crucial reminder to all tax authorities to follow due process.