https://www.taxtmi.com/caselaws?id=470018 Futures and Options profits cannot be treated as fictitious income or unexplained cash credits merely on internal departmental information alleging client code modification. Independent corroborative evidence, including transaction-specific details, broker particulars, or proof of manipulated trades and profit shifting, is required to sustain such an addition. Where no such evidence establishes the taxpayer's connivance or mala fide conduct, the addition fails. Penalty for concealment or furnishing inaccurate particulars cannot continue when it rests solely on a deleted quantum addition; deletion of the underlying addition removes the basis for penalty. 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 Futures and Options profits cannot be treated as fictitious income or unexplained cash credits merely on internal departmental information alleging client code modification. Independent corroborative evidence, including transaction-specific details, broker particulars, or proof of manipulated trades and profit shifting, is required to sustain such an addition. Where no such evidence establishes the taxpayer's connivance or mala fide conduct, the addition fails. Penalty for concealment or furnishing inaccurate particulars cannot continue when it rests solely on a deleted quantum addition; deletion of the underlying addition removes the basis for penalty. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470018