Adverse SFIO–SEBI Findings cannot justify additions When CCM Trades Are Fully Disclosed

ACIT Vs Dynamatic Developers Private Limited (ITAT Ahmedabad) The Ahmedabad Bench of the Income Tax Appellate Tribunal examined a Revenue appeal challenging the deletion of additions made on account of alleged fictitious commodity trades through Client Code Modification (CCM) on the National Spot Exchange Limited (NSEL) platform for Assessment Year 2013–14. The Assessing Officer (AO) had reopened the assessment based on information from the Serious Fraud Investigation Office (SFIO) and SEBI, alleging that the assessee had manipulated trades through CCM via its broker. The AO treated certain ...