https://www.taxtmi.com/caselaws?id=384415 The Tribunal upheld the CIT(A)'s decision to delete the disallowance of fictitious losses amounting to Rs. 8,32,28,416/- claimed by the Assessing Officer (AO) against the assessee company. The Tribunal found that the AO's allegations lacked concrete evidence and were based on assumptions and surmises. It was noted that the AO failed to establish any malafide intention or collusion on the part of the assessee in relation to Client Code Modification (CCM) transactions. The Tribunal dismissed the revenue's appeal and upheld the deletion of the addition, affirming the CIT(A)'s well-reasoned findings. en-us Mon, 13 May 2019 00:00:00 +0530 Mon, 12 Aug 2019 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384415 The Tribunal upheld the CIT(A)'s decision to delete the disallowance of fictitious losses amounting to Rs. 8,32,28,416/- claimed by the Assessing Officer (AO) against the assessee company. The Tribunal found that the AO's allegations lacked concrete evidence and were based on assumptions and surmises. It was noted that the AO failed to establish any malafide intention or collusion on the part of the assessee in relation to Client Code Modification (CCM) transactions. The Tribunal dismissed the revenue's appeal and upheld the deletion of the addition, affirming the CIT(A)'s well-reasoned findings. Case-Laws Income Tax Mon, 13 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384415