https://www.taxtmi.com/caselaws?id=770687 The ITAT Mumbai held that reassessment proceedings based on Client Code Modification transactions in NSEL Exchange were invalid. The tribunal found that such modifications are regular business practices used by brokers to rectify order entry errors. Without establishing a cogent link between the assessee and broker's actions, reassessment cannot be justified on mere suspicion that income escaped assessment. The CIT(A)'s order declaring the reassessment invalid was upheld, and the revenue's appeal was dismissed. en-us Wed, 30 Apr 2025 00:00:00 +0530 Thu, 15 May 2025 07:32:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770687 The ITAT Mumbai held that reassessment proceedings based on Client Code Modification transactions in NSEL Exchange were invalid. The tribunal found that such modifications are regular business practices used by brokers to rectify order entry errors. Without establishing a cogent link between the assessee and broker's actions, reassessment cannot be justified on mere suspicion that income escaped assessment. The CIT(A)'s order declaring the reassessment invalid was upheld, and the revenue's appeal was dismissed. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770687