Personal funds were utilized to conduct transactions on NSEL platform: ITAT deleted addition

DCIT Vs Modern India Ltd. (ITAT Mumbai) In the matter aforementioned ITAT deleted addition made on account of Client Code Modification after observing that assessee utilized its own funds to conduct transactions on NSEL platform and the profits from such transactions have already been offered to tax. Assessee engaged in manufacturing and trading activities. It filed return at Rs.60,14,050/- and Rs.2,84,14,510/- for AYs  2012-13 and 2014-15 respectively. Assesssment were completed u/s 143(3). Subsequently assessments were reopened on information that the assessee has indulged in bogus transact...