https://www.taxtmi.com/caselaws?id=464970 ITAT Mumbai upheld the CIT(A)'s deletion of the addition made on account of alleged fictitious losses in share trading and F&O transactions. The AO had relied on information regarding misuse of the Client Code Modification Facility and a penalty imposed on the assessee's broker by NSE. ITAT found no cogent nexus between the reasons recorded and the addition made, noting that even the AO had not established the assessee's involvement in client code modification. Finding no perversity, impropriety, or illegality in the CIT(A)'s order, ITAT declined to interfere and decided the matter in favour of the assessee. en-us Thu, 21 Dec 2023 00:00:00 +0530 Thu, 27 Nov 2025 14:03:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464970 ITAT Mumbai upheld the CIT(A)'s deletion of the addition made on account of alleged fictitious losses in share trading and F&O transactions. The AO had relied on information regarding misuse of the Client Code Modification Facility and a penalty imposed on the assessee's broker by NSE. ITAT found no cogent nexus between the reasons recorded and the addition made, noting that even the AO had not established the assessee's involvement in client code modification. Finding no perversity, impropriety, or illegality in the CIT(A)'s order, ITAT declined to interfere and decided the matter in favour of the assessee. Case-Laws Income Tax Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464970