Neither Israel nor Turkey and the Turks are denying that many Armenians were killed in the hands of Turks in 1915. The issue is whether it was qualified a as a genocide or not. Since the Nazis targeted every Jew or quarter Jew to be exterminated just because they are Jewish makes it a genocide (Read Turkish Jews? post) . The perpetrators were tried and Germany took responsibility for it. Case closed. Turks did not have any intention to exterminate Armenians. They were trying to defend their territory and at that time they took a very harsh measure that should have never happened. However at the same time the Armenians of Istanbul and Izmir who were peaceful were not forced to relocate and due to that today there is a very affluent Armenian community in Istanbul.
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from the article: Peres to Turks: Our stance on Armenian issue hasn't changed