2023 (6) TMI 924

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....d a period of 4 years only on basis of information received without recording any finding on escapement of income. The reassessment only to verify the transactions is not permissible and required to be quashed. It be so held now. 2. Ld. CIT(A) erred in law and on facts in confirming action of AO of addition of Rs. 16,47,800/- of client code modification made by broker of the appellant due to punching error while executing trade in which appellant has no role. 3. Ld. CIT(A) erred in law and on facts in confirming action of AO to treat total transaction value as income instead of considering profit or loss arising from said transaction. 4. The Order passed by AO and confirmed by CIT(A) is invalid and bad in law and required to be quashe....

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.... wrong entered by the assessee's broker in the code of KETAN M. CHALISHAZAR (INDIVIDUAL) instead of KETAN M. CHALISHAZAR (HUF). The said mistake was duly rectified by the assessee's broker by modifying the client code from Individual to HUF. The Ld. A.R. further submitted that the assessee himself cannot modify the client code and therefore, the assessee cannot be held responsible for the mere mistake which is a genuine mistake by the broker. Besides this SEBI had also not imposed any penalty to assessee's broker as this transaction was within the permissible limit. Only the sale transaction where the code has been modified and no corresponding purchase transactions were stated by the Assessing Officer. Therefore, the Ld. A.R. submitted tha....