2021 (7) TMI 132

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....cation and are decided by this common order. ITA No. 5627/Mum/2019- A.Y. 2009-10: 2. Shri Sushil Kumar Mishra representing the Department submitted that the CIT(A) has erred in allowing assessee's claim of loss Rs. 2,00,195/- arising out of client code modification. The ld. Departmental Representative submitted that the information was received by the Director Income Tax (Intelligence & Criminal Investigation), Mumbai that fictitious profit and losses were created by brokers by misusing client code modification facility. The assessee is one of the beneficiaries of such fictitious loss entry provided by M/s. Infinity.com Financial Securities Ltd. The Assessing Officer in assessment order has detailed the modus operandi of the broke....

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....assessee's involvement in alleged transactions of client code modification. The assessee has explained that the client code modification was done due to punching error. The Assessing Officer without any valid reasons has rejected contentions of the assessee. The ld. Authorized Representative of the assessee relied on the decision in the case of Coronation Agro Industries vs. DCIT, 390 ITR 464 (Bom.) to contend that client code modification done by assessee's broker on account of genuine error cannot be a ground to believe that there has been any escapement of income by the assessee. The ld. Authorized Representative of the assessee strongly supported the order of CIT(A) and prayed for dismissing appeal of the Revenue. 4. Both sid....