2019 (8) TMI 1892

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....r. 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 after examining several instances held that ....

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....ansactions 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 whose account, the transactions are treated as tran....

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....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 suspect parties. 5. It is not disputed by the Reven....