https://www.taxtmi.com/caselaws?id=762451 ITAT Mumbai upheld PCIT's revision order u/s 263 regarding assessee's involvement in NSEL commodity trading scam. AO failed to verify Client Code Modification data, didn't inquire about assessee's regular trading history, and didn't investigate whether assessee filed complaints against NSEL scam. AO merely accepted returned loss without proper verification despite reopening assessment specifically for bogus commodity transactions. Assessee couldn't establish it wasn't beneficiary of scam or provide complete documentary evidence. Assessment order was erroneous and prejudicial to revenue interest as AO didn't address the core issue prompting reassessment. Appeal dismissed. en-us Wed, 27 Nov 2024 00:00:00 +0530 Mon, 02 Dec 2024 08:53:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762451 ITAT Mumbai upheld PCIT's revision order u/s 263 regarding assessee's involvement in NSEL commodity trading scam. AO failed to verify Client Code Modification data, didn't inquire about assessee's regular trading history, and didn't investigate whether assessee filed complaints against NSEL scam. AO merely accepted returned loss without proper verification despite reopening assessment specifically for bogus commodity transactions. Assessee couldn't establish it wasn't beneficiary of scam or provide complete documentary evidence. Assessment order was erroneous and prejudicial to revenue interest as AO didn't address the core issue prompting reassessment. Appeal dismissed. Case-Laws Income Tax Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762451