2025 (6) TMI 1493

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.... 2. The revenue has raised the following substantial questions of law for consideration : "i) Whether on the facts and in the circumstances of the case, the Learned Tribunal was justified in law to delete the addition of Rs. 27,93,150/- made by the Assessing Officer on account of bogus loss on client code modification, ignoring the fact that the respondent assessee failed to prove the genuineness of the transactions relating to bogus loss on client code modification? ii) Whether on the facts and in the circumstances of the case, the Learned Tribunal was justified in law to arrive at the conclusive finding that the reasons recorded by the Assessing Officer are mechanical which lacks objective satisfaction? iii) Whether on the facts ....

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....ning were not furnished to the assessee. This Court directed the learned senior standing counsel for the revenue to get instructions in this aspect and, accordingly, the instructions received from the revenue are being placed before this Court from which it is seen that the assessee has received the reasons for reopening and also submitted their reply dated 13.12.2019 and also stated that they are offering an additional income for purchasing peace. Therefore, the contention raised by the assessee that reasons for reopening were not furnished to the assessee is shown to be factually incorrect and, therefore, the said objection raised by the assessee before us stands rejected. The second contention which was raised by the assessee before the ....

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....orded that the brokers and the client in whose favour client modification are made are spread all over India and the assessee is also one of the clients whose name if included in the list of modified clients in the details provided by NSEL. The other relevant details with regard to the privity of contract existed between the clients and their respective brokers were also brought on record. Thus, the Assessing Officer would state that a comprehensive investigation/enquiry and verification of data processed by the Department and after due application of mind the Assessing Officer has reasons to believe that the assessee is a beneficiary to the tune of Rs. 27,93,150/- by way of client code modification during the financial year 2011-12 relevan....