The Assessing Officer disallowed the assessee’s loss on sale of shares solely on the basis of information received from the Investigation Wing without conducting any independent enquiry. The assessee produced contract notes, demat statements, broker’s ledger accounts and bank statements establishing the genuineness of the transactions. The Tribunal held that the investigation report neither referred to the assessee nor to its broker and no opportunity of cross-verification had been granted. In the absence of any contrary evidence, the disallowance was rightly deleted. (AY. 2014-15).