https://www.taxtmi.com/caselaws?id=773380 The HC allowed the revenue's appeal under Section 260A of the Income Tax Act, 1961, restoring an addition of Rs. 27,93,150/- for alleged bogus loss from client code modification transactions. The Court held that the Assessing Officer had valid reasons to reopen the assessment based on comprehensive SFIO investigation into NSEL client code modifications involving 219 brokers and transactions worth Rs. 6311 crore. The Tribunal erred in deleting the addition and incorrectly concluded that reopening reasons were mechanical. The assessee failed to prove transaction genuineness despite opportunities. The HC set aside the Tribunal's order and restored the original assessment. en-us Mon, 16 Jun 2025 00:00:00 +0530 Sat, 21 Jun 2025 08:29:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773380 The HC allowed the revenue's appeal under Section 260A of the Income Tax Act, 1961, restoring an addition of Rs. 27,93,150/- for alleged bogus loss from client code modification transactions. The Court held that the Assessing Officer had valid reasons to reopen the assessment based on comprehensive SFIO investigation into NSEL client code modifications involving 219 brokers and transactions worth Rs. 6311 crore. The Tribunal erred in deleting the addition and incorrectly concluded that reopening reasons were mechanical. The assessee failed to prove transaction genuineness despite opportunities. The HC set aside the Tribunal's order and restored the original assessment. Case-Laws Income Tax Mon, 16 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773380