REEM BROKING PVT. LTD.,AHMEDABAD vs. THE ITO, WARD-1(3)(1) PREVIOUSLY ACIT, CIRCLE-1(3), AHMEDABAD

ITA 324/AHD/2026Status: DisposedITAT Ahmedabad25 September 2026AY 2015-1611 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that Section 115BBE, as amended by the Taxation Laws (Second Amendment) Act, 2016, was not applicable retrospectively to the assessment year 2015-16. It also noted that the profit was already offered to tax, thus the addition constituted double taxation.

What were the facts?

The Assessing Officer (AO) added Rs. 28,30,800/- as non-genuine profit from F&O trades under Section 68, based on information from the Insight Portal and SEBI's findings on reversal trades. The CIT(A) upheld this addition, applying Section 115BBE.

What were the issues?

Whether the amended Section 115BBE applies retrospectively to AY 2015-16 and if the addition of profit already offered to tax amounts to double taxation.

Which sections of the Income-tax Act were involved?

Section 68,Section 115BBE,Section 271(1)(c),Section 234A,Section 234B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AHMEDABAD “A” BENCH

Before: Shri Narendra Prasad Sinha & Shri Tapas Ram Misra

For Appellant: Shri Kunal Shangvi, AR
For Respondent: Shri Amit Pratap Singh, Sr. D.R

PER TAPAS RAM MISRA, JUDICIAL MEMBER:

The present appeal has been filed by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, (hereinafter referred to as “CIT(A)”), dated 31.12.2025 passed under Section 250 of the Income Tax Act, 1961 (hereinafter referred to as the “Act”) and relates to Assessment Year (A.Y.) 2015-16. 2. The assessee has raised the following grounds of appeal: “[1] The Ld. CIT(A), NFAC, Delhi was grievously erred in upholding the disallowance made by the Ld. A.O. of business profit of Rs.28,30,800/- earned from indulged in acquiri

The order continues below.

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