9911796707
TMI Blog2021 (4) TMI 817X X X X Extracts X X X X X X X X Extracts X X X X ..... ode Modification done by the assessee s broker but there is no evidence emerging from the records which concludes that the assessee was involved in Client Code Modification and the same was done to escape assessment of a part of its income. Neither the Assessing Officer nor the report of Investigation wing has provided any reason or documents or statement which could establish that the client code modification has resulted in the shifting of the profit and the assessee has received back equivalent amount of cash or any monetary benefits. Further, M/s Century Finvest Pvt. Ltd. in its response to information sought by the Assessing Officer u/s 133(6) of the Act has clarified that no client code modification occurred during the Financial Year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making addition of ₹ 1,75,600/- on account of shifting of profit due to alleged share trading loss/transactions by using client code modification, more so when assessee has claimed loss of ₹ 44,638/- in the return of income and impugned addition has been made and that too by recording incorrect facts and findings and without providing the entire adverse material used against the assessee and without observing the principles of natural justice. 3. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in making addition of ₹ 1,75,600/-, is bad in law and against the facts and circumstances ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee was not ware of any Client Code Modification activity done by the broker. The Ld. AR also submitted that as relates to Ground No. 1, the reassessment u/s 147/143 (3) is beyond jurisdiction bad in law and against the facts and circumstances of the case and the same is not sustainable on various legal and factual grounds. 6. The Ld. DR relied upon the assessment order and the order of the CIT(A). 7. We have heard both the parties and perused the material available on record. It is pertinent to note that the assessee has claimed loss of ₹ 44,638/- and at no point of time was aware about the Client Code Modification. All the details which were given by the assessee was before the Assessing Officer and at no point of time, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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