Artificial profit/loss arising from client code modification requires transaction-wise reconciliation-Matter restored

Vipul Bansal Vs ITO (ITAT Mumbai)

ITAT Mumbai held that artificial profits or losses arising from Client Code Modification in share transactions carried out in F&O segment requires transaction-wise reconciliation. Accordingly, matter restore to the file of AO.

Facts- The assessment of the assessee was reopened u/s. 147 of the Act. Accordingly, notice u/s. 148 was issued on 21.09.2016 on the basis of information received from the Directorate of Investigation and Central Intelligence (DIT (I&CI)) through the Additional Commissioner of Income-tax, Rang

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