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2021 (1) TMI 997 - AT - Income TaxSuppression of profit made by way client code modification - stock broker who carried out the client code modification was a group concern of the assessee and therefore the contention that there occurred a punching error in large scale entering the trade is remote - CIT-A deleted the addition - HELD THAT:- As decided in M/S PAT COMMODITY SERVICES P. LTD [2015 (8) TMI 973 - ITAT MUMBAI] AO has mainly relied upon the report given by the MCX and has drawn adverse conclusions without bringing any material to support his view. CIT(A) has also pointed out that modifications carried out by the assessee works out to around 3% of the total transactions only and in our view, the said volume, in fact, vindicates the explanation of the assessee. Further 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. We are of the view that the Ld CIT(A) was justified in deleting the additions - Decided in favour of assessee.
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