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2022 (12) TMI 634 - AT - Income TaxAddition of the net benefit accruing to the assessee on account of CCM - shifting of profit to loss - Client Code Modification (CCM) - Modified Client codes with a malafide intention - contrived loss/profit to evade tax - information from search conducted on the broker of the assessee, ACFSL, that the assessee had benefited by indulging in client code manipulation through his broker, and had shifted out of profit and shifted in loss resulting in net reduction in income due to CCM - HELD THAT:- CIT(A) noted the fact that the AO had given specific transactions where profit had been shifted by CCM and the assessee had adduced no evidence to show that he had not benefited from the same. He also noted that on becoming aware of CCM by broker, the assessee did not take any corrective action by objecting to the Broker. CIT(A) also noted that the director of the Broker Company ACFSL had stated that CCM was misused by his clients. Moreover, agree with the CIT(A) that the assessee sought to justify the genuineness of the transactions by giving only general reply that CCM was carried out by broker to correct genuine punching errors. No evidence has been filed by the assessee either before the Revenue authorities or even before me to substantiate this contention that CCM was done to rectify punching errors. We agree with the Ld.CIT(A) that the assessee was unable to establish the genuineness of its transactions in the light of adversarial material available with the Revenue showing that the losses returned were manipulated by CCM. It is settled principle of law that concurrent findings of the authorities cannot be interfered with without sufficient and just reason or any material irregularities in the finding being pointed out by other side. There is nothing more before me to depart from the view taken by the Revenue authorities on this issue, more so, in the absence of any assistance rendered by the assessee in regard to the issue involved in the ground raised. Speculation loss - reason for addition is non-furnishing of supporting details and evidences to demonstrate speculation loss - HELD THAT:- While upholding the order of the AO, CIT(A) has recorded a finding that during the assessment proceedings and during the appellate proceedings, the assessee did not file any details to support his claim despite giving opportunities. The argument of the assessee that the AO should get details from the broker and accordingly verify the claim of the assessee was untenable, and therefore, the AO was justified in disallowing the impugned speculation loss. Before us there is no contest on behalf of the assessee against the impugned orders of the Revenue authorities. Therefore, in the absence of any explanation or material evidence to support the case of the assessee, we are not inclined to disturb the concurrent finding of the Revenue authorities on this issue also. Even otherwise also, after going through orders of both the authorities, we find no infirmity in the order of the ld.CIT(A) so as to demand interference. Ground of appeal No.3 of the assessee is dismissed.
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