https://www.taxtmi.com/caselaws?id=773977 ITAT Patna ruled in favor of revenue against taxpayer who engaged in manipulative commodity trading on NMCE platform. Investigation Directorate identified systematic tax evasion through synchronized trades designed to create artificial losses for offsetting genuine profits. Despite taxpayer's argument that transactions were legitimate business activities, ITAT found transactions were colourable and contrived. CIT(A) had earlier granted relief focusing on transaction form rather than substance. ITAT set aside CIT(A) order, confirmed AO's assessment, and allowed revenue's appeal, holding that trading on NMCE platform alone doesn't establish transaction genuineness. en-us Tue, 24 Jun 2025 00:00:00 +0530 Tue, 01 Jul 2025 08:47:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773977 ITAT Patna ruled in favor of revenue against taxpayer who engaged in manipulative commodity trading on NMCE platform. Investigation Directorate identified systematic tax evasion through synchronized trades designed to create artificial losses for offsetting genuine profits. Despite taxpayer's argument that transactions were legitimate business activities, ITAT found transactions were colourable and contrived. CIT(A) had earlier granted relief focusing on transaction form rather than substance. ITAT set aside CIT(A) order, confirmed AO's assessment, and allowed revenue's appeal, holding that trading on NMCE platform alone doesn't establish transaction genuineness. Case-Laws Income Tax Tue, 24 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773977