https://www.taxtmi.com/caselaws?id=446715 ITAT Mumbai set aside additions made by AO for disallowing F&O losses due to alleged client code modification by broker. AO relied solely on Director of Income-tax report without providing transaction details or proving non-genuine purposes, violating natural justice principles. Addition based on presumption without documentary evidence was deleted. Separately, penalty under section 271(1)(c) was cancelled as the section 274 notice failed to specify whether penalty was for concealment or furnishing inaccurate particulars of income, making it defective per Bombay HC precedent. en-us Wed, 25 Oct 2023 00:00:00 +0530 Fri, 08 Dec 2023 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446715 ITAT Mumbai set aside additions made by AO for disallowing F&O losses due to alleged client code modification by broker. AO relied solely on Director of Income-tax report without providing transaction details or proving non-genuine purposes, violating natural justice principles. Addition based on presumption without documentary evidence was deleted. Separately, penalty under section 271(1)(c) was cancelled as the section 274 notice failed to specify whether penalty was for concealment or furnishing inaccurate particulars of income, making it defective per Bombay HC precedent. Case-Laws Income Tax Wed, 25 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446715