https://www.taxtmi.com/caselaws?id=470018 Alleged client code modification in Futures and Options transactions requires independent, transaction-specific evidence, including broker details or other corroboration, to establish manipulated trades, connivance, or fictitious profits. Information drawn only from internal departmental sources is insufficient to support treatment of disclosed trading profits as unexplained cash credits under section 68. The notes further explain that a penalty for concealment or inaccurate particulars under section 271(1)(c) depends on the underlying quantum addition; where that addition is deleted, the factual foundation for the penalty no longer remains. The discussed position therefore supports relief in both quantum and penalty proceedings. en-us Wed, 12 Mar 2025 00:00:00 +0530 Mon, 13 Jul 2026 18:58:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470018 Alleged client code modification in Futures and Options transactions requires independent, transaction-specific evidence, including broker details or other corroboration, to establish manipulated trades, connivance, or fictitious profits. Information drawn only from internal departmental sources is insufficient to support treatment of disclosed trading profits as unexplained cash credits under section 68. The notes further explain that a penalty for concealment or inaccurate particulars under section 271(1)(c) depends on the underlying quantum addition; where that addition is deleted, the factual foundation for the penalty no longer remains. The discussed position therefore supports relief in both quantum and penalty proceedings. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470018