9911796707
TMI Blog2024 (7) TMI 831X X X X Extracts X X X X X X X X Extracts X X X X ..... re done on three days only i.e. 22.03.2010, 23.03.2010 and 25.03.2010 and there was no modification either on previous dates or later dates during the period of 01.04.2009 to 31.03.2010. The client codes of other clients are entirely different from client code of the appellant Sh. Naveen Gaba and all the modifications have resulted in losses. All these facts creates suspicion about the transaction carried out by the appellant and it does not appear the bonafide client code modification transaction. Further it is proved by way of investigation carried out by the DIT(I CI) that CCM was misused for obtaining fictitious losses / profits and brokers received commission @ 0.5% to 2% on the amount of losses/profits for transferring such losses/ pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned CIT (A) has erred both on facts and in law in confirming the addition despite the fact that addition has been made by AO without conducting any independent enquiry during the course of assessment proceedings. 4. On the facts and circumstances of the case, the learned CIT (A) has erred both on facts and in law in confirming the addition by ignoring the fact that the AO rejected the objections raised by the assessee without passing a speaking order for disposal of the objections raised by the assessee. 5. On the facts and circumstances of the case, the learned CIT (A) has erred both on facts and in law in confirming the addition by ignoring the fact that the learned A.O. with improper jurisdiction has passed the assessment order. 6. O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30/03/2016, the Assessee preferred an Appeal before the CIT(A). The Ld. CIT(A) vide order dated 28/06/2019 dismissed the Appeal filed by the assessee. Aggrieved by the order of the Ld. CIT(A), the assessee preferred the present Appeal on the Grounds mentioned above. 5. None appeared for the assessee. The records shows that several notices have been issued by the Registry to the assessee and the Assessee s Representative has also filed application for adjournment along with the power of attorney, but thereafter failed to appear before the Tribunal. Considering the above facts and circumstances, we deem it fit to decide the present appeal after hearing the Ld. Departmental Representative. 6. The Ld. Departmental Representative vehemently sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the sum of Rs. 37,02,486/- should not be assessed as income. The AO has not accepted the submission of the appellant as all the modifications were done on three days only le. 22.03.2010, 23.03.2010 and 25.03.2010. No modification was done either on any previous dates or later dates during the period 01.04.2009 to 31.03.2010. The client code of other clients are entirely different from client code of the appellant Sh. Naveen Gaba. All the modifications have resulted in losses. There is not even a single trade where the client code was changed in again making trade. Therefore AO hold that the transaction where the losses have been transferred to the assessee are only of a deliberately entered transaction to camouflage the non genuine client ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 37,02,486/-. The AO has confronted the Information received from the investigation wing and issue summon u/s 131 to Fairwealth Securities Pvt. Ltd. to furnish the desired information. In response to that it is informed that data is not available and that trade file contains only detail of final position. The appellant has tried to justify the loss by client code modification stating that Fairwealth Securities Pvt. Ltd. used to execute all the trades online on the exchange platform and whenever any trade is executed in a wrong code. It is modified on receiving the request from the correct client i.e. the client who actually intended to trade. All the modifications / rectification of trades are done within the parameters of exchange. I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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