2019 (8) TMI 1892

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.... Mr. Siddharth Bapna on behalf of Mr. Anil Mehta, AAG. For the Respondent : Mr. Sanjay Jhanwar. ORDER 1. The question of law sought to be urged by the revenue arises out of profit shifting, an exercise carried out by the assessee, which used to trade in stocks and securities, with trading members. The AO, for the assessment year (AY 2009-10), citing a SEBI circular of 29.07.2011, and afte....

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.... under section 131 issued in respect of transactions which led to the shifting of profits. 3. The ITAT findings are as follows:- "Accordingly, the order of the Assessing Officer is not sustainable when the assessee was not granted an opportunity to cross examine the brokers. In the case in hand, the Assessing Officer has not given any finding that the assessee and the other parties in ....

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....ven otherwise when it is not found that originally these trades were carried out by the broker as per the instructions of the assessee and subsequently these were transferred in the account of the other persons to shift the profit." 4. This Court has considered the revenue's submissions. Counsel stressed that the SEBI circular, is decisive and that the shifting of client code was in respect of ....