Additions on account of Client-code modification (CCM) - ...

Court Deletes Revenue's Claim on Undisclosed Profits from Futures and Options; Assessee Provided Confirmatory Client Letters.

December 9, 2020

Case Laws Income Tax AT

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 the assessee is information of DIT (Inv.) wherein it was alleged that the profits were shifted by client code modification. To substantiate these allegations was the onus of revenue. The assessee had filed confirmatory letters of all category-3 clients wherein all these clients owned up the transactions and also confirmed that the profits so earned by them on these transactions were duly reflected in their respective returns of income. - Addition deleted - AT

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Additions on account of Client-code modification (CCM) - ...

Court Deletes Revenue's Claim on Undisclosed Profits from Futures and Options; Assessee Provided Confirmatory Client Letters.

December 9, 2020

Case Laws Income Tax AT

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