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TMI Blog2023 (6) TMI 924X X X X Extracts X X X X X X X X Extracts X X X X ..... one transaction of sale of shares of 4000 and in assessee s case the transaction is supposes to take place in individual capacity and not in HUF capacity which was inadvertently done by the broker. These aspects were not analyzed by the AO as well as CIT(A). The observation of the CIT(A) that it is a mere assumption on part of the assessee appears to be not proper as the assessee has given the details related to the share transaction as well as the client code modification which clearly set out that in assessee s case it is a genuine client code modification. Therefore, the appeal of the assessee is allowed. - I.T.A. No. 67/Ahd/2020 - - - Dated:- 16-6-2023 - Ms. Suchitra Kamble, Judicial Member For the Appellant : Shri Parin Sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed by the assessee on 21.12.2010. Information was received from ACIT, Central Circle2(3), Ahmedabad regarding client code modification carried out by the assessee. The assessment was, therefore, re-opened and notice under Section 148 was issued on 31.03.2017 after recording reasons and obtaining prior approval of the Pr. CIT. The Assessing Officer issued show-cause notice on 16.11.2017 requiring the assessee to show-cause as to why the contrived profit / loss of Rs. 16,47,800/- should not be added to his total income. The assessee filed his written submission of 23.11.2017. After taking the cognizance of the same the Assessing Officer observed that M/s. Affluence Shares Stock Pvt. Ltd. was indulging in client code modification for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r dated 03.06.2021). The Ld. A.R. further submitted that the CIT(A) has also not taken cognizance while confirming the action of the Assessing Officer that due to punching error while rescuing trade in which assessee has no role the addition is not justifiable. As regards, Ground No. 1 the Ld. A.R. submitted that the reasons for reopening was also not justifiable as it is on the general information and not on specific information establishing the direct nexus with the broker of the assessee. 6. The Ld. D.R. submitted that the reasons recorded were proper and exact ground mentioned was also give the indication that the reasons were properly recorded and the reopening is justifiable. As regards, Ground No. 2 the HUF has invested 16 lakh am ..... X X X X Extracts X X X X X X X X Extracts X X X X
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