DCIT CC 8(2),MUMBAI, MUMBAI vs. NIKHIL DHIREN SHAH, MUMBAI

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ITA 9124/MUM/2025Status: DisposedITAT Mumbai04 June 2026AY 2012-1312 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal affirmed the CIT(A)'s decision to delete the additions. It found that the AO's additions lacked substance, were based on surmises, and failed to bring on record material evidence to support the conclusions. The Tribunal noted that transactions through registered brokers and banking channels could not be treated as bogus solely on an investigation report.

What were the facts?

The Revenue appealed the deletion of additions made by the AO on account of unexplained/bogus purchase transactions and estimated commission. The AO's additions were based on information from the Investigation Wing regarding Client Code Modification (CCM) on the NSEL platform. The assessee contended that transactions were duly recorded in audited books and routed through banking channels via authorized brokers.

What were the issues?

Whether the CIT(A) erred in deleting additions based on Investigation Wing's report without further inquiry, and whether transactions routed through brokers and recorded in audited books can be treated as unexplained or bogus.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 148

AI-generated summary — verify with the full judgment below

Before: SHRI SAKTIJIT DEY & SHRI PRABHASH SHANKAR

For Appellant: Shri K. Shivaram Sr. Adv./Ms. Neelam
For Respondent: Shri Swapnil Choudhary, (Sr. DR)
Hearing: 23.04.2026Pronounced: 04.06.2026

आदेश की प्रतितलति अग्रेतिि/Copy of the Order forwarded to : 1. अपीलार्थी / The Appellant

P a g e | 12 ITA No. 9124/Mum/2025 A.Y. 2012-13 Nikhil Dhiren Shah 2. प्रत्यर्थी / The Respondent. 3. आयकर आयुक्त / CIT 4. विभागीय प्रविविवि, आयकर अपीलीय अविकरण DR, ITAT, Mumbai 5. गार्ड फाईल / Guard file. सत्यावपि प्रवि //True Copy// आदेशानुसार/ BY ORDER,

उि/सहायक िंजीकार (Dy./Asstt. Registrar) आयकर अिीलीय अतधकरण/ ITAT, Bench, Mumbai.

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