Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Allowability of alleged fictitious loss by way of Client Code ...


Court Rules Fictitious Losses Through Client Code Modification Allowable in Tax Case Due to Lack of Evidence.

August 13, 2019

Case Laws     Income Tax     AT

Allowability of alleged fictitious loss by way of Client Code Modification (CCM) - nothing has been brought on record to suggest that the said losses were purchased and the party were given cheque or cash payment in view of such favours - such co-relation was necessary to fasten any liability upon the assessee - loss is duly allowable

View Source

 


 

You may also like:

  1. Addition of losses by using Client Code Modification - Appellant has not given satisfactory explanation with respect to the losses incurred by using Client Code...

  2. Bogus loss from client code modification (CCM) and stage- managing - when there is no such violation pointed out during the course of hearing that assessee’s broker...

  3. Validity of reopening of assessment u/s 147 - basis of client code modification - Merely, there were client codes modifications carried out by the broker cannot the...

  4. Suppression of profit - hare / stock broker - fictitious loss by way of Client Code Modification (CCM) - except for general observation of investigation wing, there was...

  5. Fictitious loss by way of Client Code Modification (CCM) - unexplained expenditure - The transactions of were duly supported by bills/contract notes and also confirm by...

  6. Addition on account of client code modification done by the broker to shift the profit - As such there is no whisper in the order of the authorities below that there was...

  7. Addition of profit shifted out and the loss shifted in by way of Client code modification - Profit or the loss during the time when code were modified - transactions in...

  8. Additions on account of Client-code modification (CCM) - undisclosed profit on future and option transaction in shares - Whole basis of making additions in the hands of...

  9. Disallowance of assessee's claim of exceptional losses on account of certain trades - Actually if there is any loss incurred on the said transaction, the same shall have...

  10. A bail application was rejected in a case involving the creation of fake companies, appointment of fictitious directors/ partners/ proprietors, and illegal passing of...

  11. Adjustment of excess service tax paid with subsequent service tax liability - case of Revenue is that Rule 6 (3) of Service Tax Rules, 1994 do not provide for such...

  12. Assessment u/s 153A - Addition made on account of disclosure of undisclosed income made u/s 132(4) - client code modifications for an unusually high number of times -...

  13. Appellate Tribunal examined disallowance of claim for futures and options (F&O) loss by Assessing Officer (AO) based on report alleging stock brokers manipulated...

  14. Addition towards set off of fictitious losses through Client Code Modification - AO neither proved nor led any evidence in case of any single transaction, while making...

  15. The Karnataka High Court addressed the issue of a Sub-Registrar refusing registration of a sale certificate due to pending Income Tax dues against the borrowers. The...

 

Quick Updates:Latest Updates