DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 8(1), MUMBAI vs. S. B. SECURITIES PRIVATE LIMITED, MUMBAI

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ITA 7346/MUM/2017Status: DisposedITAT Mumbai30 July 2019AY 2009-1013 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 upheld the deletion of the addition, finding that the Assessing Officer had made adverse conclusions without sufficient material. The Tribunal noted that clients did not disown transactions, disclosed profits, and paid taxes, supporting the assessee's claim of genuine transactions.

What were the facts?

The Revenue appealed against the deletion of an addition of Rs. 1,66,28,626/- made on account of alleged suppression of profit and obtaining fictitious loss through client code modification (CCM) in commodity transactions. The assessee, a stock broker, claimed these modifications were due to punching errors and genuine mistakes.

What were the issues?

Whether client code modifications in commodity transactions were genuine errors or a scheme to evade taxes, and if the addition made by the AO was based on sufficient evidence.

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

Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

Before: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri Neelkanth Khandelwal-Ld. AR
For Respondent: DR Assessee by :, Shri Neelkanth Khandelwal-Ld. AR

आदेश की �ितिलिप अ�ेिषत/Copy of the Order forwarded to : अपीलाथ�/ The Appellant 1. ��थ�/ The Respondent 2.

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