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2020 (8) TMI 809 - AT - Income TaxSuppression of income - shifting of profit - Client code modification - fictitious profits/loss Addition made on account of transferring of fictitious profits/loss to other clients in the garb of client code modification - addition on basis the information received from ADIT Investigation and held that the assessee was involved in shifting out ascertained profits - HELD THAT:- AO has referred to the report of the Investigation Wing and general modus operandi - there is nothing on record in terms of any independent examination by the AO of the transactions undertaken by the assessee during the year wherein it has reported gross profits, summoning and examining the broker i.e, M/s C.M. Goenka Stock brokers Pvt Ltd and determining any involvement of assessee in such transactions. M/s C.M. Goenka Stock brokers Pvt Ltd has also confirmed that there are certain inadvertent genuine punching errors which were modified as per guidelines laid down by SEBI vide Circular dated 6.02.2003, therefore, the puching errors happened at the broker end and not at the end of the assessee and there is nothing on record which suggest any involvement of assessee or the fact that such punching errors were done at the behest of the assessee. Accordingly, in the facts and circumstances of the case and following the decision of the Coordinate Bench in assessee’s own case [2019 (5) TMI 1794 - ITAT JAIPUR] the addition made by the AO is hereby deleted. - Decided in favour of assessee.
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