Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (6) TMI 924 - ITAT AHMEDABADReopening of assessment u/s 147 - beyond a period of 4 years - addition of client code modification made by broker of the appellant due to punching error - HELD THAT:- AO in the assessment order has not given the specification of KETAN M. CHALISHAZAR (HUF) and KETAN M. CHALISHAZAR (INDIVIDUAL) in respect of number of trades in which client code modification has been made by the broker M/s. Affluence Shares & Stock Pvt. Ltd. In fact the observations and the reproduction made by the AO is a general observations of Affluence Shares & Stock Pvt. Ltd. From the perusal of the records of assessee’s transaction it is the one transaction of sale of shares of 4000 and in assessee’s case the transaction is supposes to take place in individual capacity and not in HUF capacity which was inadvertently done by the broker. These aspects were not analyzed by the AO as well as CIT(A). The observation of the CIT(A) that it is a mere assumption on part of the assessee appears to be not proper as the assessee has given the details related to the share transaction as well as the client code modification which clearly set out that in assessee’s case it is a genuine client code modification. Therefore, the appeal of the assessee is allowed.
|