Suppression of profit made by way client code modification - ...

Income Tax

January 28, 2021

Suppression of profit made by way client code modification - none of the clients has been found to be bogus and all of them have complied with KYC norms, meaning thereby the identity of all the clients stand proved. None of them has disowned the transactions and all of them have also declared the income in their respective returns of income. All these factors, in our view, support the contentions of the assessee - Additions deleted - AT

View Source

← Previous Next →

Suppression of profit made by way client code modification - ...

Income Tax

January 28, 2021

You may also like:

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...

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 -...

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...

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

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...

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...

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...

Seeking information from the Advocates relating to their clients - Evasion of GST - It is a settled legal position that a communication is privileged if it is made to a...

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

Disallowance of bogus loss - No information is available on record as to how the assessee company has taken loss from these client code modification - No details have...

Penalty u/s 271(1)(c) - commodity futures trading and broking - client code modifications - unauthorised modification in the code - is is not a case where conscious and...

Addition of the net benefit accruing to the assessee on account of CCM - shifting of profit to loss - Client Code Modification (CCM) - It is settled principle of law...

Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

Revocation of CHA License - appellant failed to verify the address at which the two clients operated and that requirement of ‘know your customer (KYC)’ was entirely...

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...

Quick Updates: