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2019 (11) TMI 918 - AT - Income TaxReopening of assessment u/s 147 - rejection of claim of loss suffered by the assessee due to modification of Client Code by the stock broker - HELD THAT:- As rightly submitted by assessee, on the basis of the information said to be received by the AO with regard to fictitious claim of loss by misusing the modification of Client Code facility offered by the Stock Exchange, the Assessing Officer reopened the assessment. Therefore, this Tribunal is of the considered opinion that the assessment has been validly reopened by the Assessing Officer. Hence, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. Merit of the claim of disallowance made by the Assessing Officer, as rightly submitted by the Ld.counsel for the assessee, the transaction was made with M/s Inventure Growth & Securities Ltd. by the assessee. In the list received by the Assessing Officer, the assessee’s name is also found to be one of the beneficiaries who claimed bogus fictitious loss due to Client Code modification. Therefore, this Tribunal is of the considered opinion that the matter needs to be re-examined by the Assessing Officer as decided by this Tribunal in the case of Late Ugama Kavar [2019 (7) TMI 1536 - ITAT CHENNAI] - Thus set aside to the file of the Assessing Officer. Appeal filed by the assessee is partly allowed.
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