ITAT Restores Appeal for Failure to Examine Client Code Modification Facts

Maruti Brokerage House Pvt. Ltd. Vs ITO (ITAT Ahmedabad) CIT(A) Passed Ex-Parte Order Without Considering Facts – ITAT Restores Client Code Modification Case for Fresh Hearing AO alleged that the Assessee booked contrived losses through client code modification (CCM) on the NMCE exchange platform & disallowed losses of ₹82,26,525 (AY 2010-11) & ₹22,71,615 (AY 2011-12). The addition was based solely on an investigation wing report, which was never confronted to Assessee. Assessee did not appear before CIT(A), leading to an ex-parte dismissal of the appeal & confirmation of the...