Bogus loss from Client Code Modification: AO cannot make addition to broker without bringing any evidence

Pr. CIT Vs Pat Commodity Services Pvt. Ltd. (Bombay High Court)

Bogus loss from Client Code Modification (CCM):However, the Tribunal accepted the assessee’s explanation and discarded the Revenue’s theory that profit of the assessee’s company were passed on to the clients. It was also noticed that the Revenue has not contended that the client code modification facility is often misused by the assessee to pass on losses to the investors, who may have sizable profit arising out of commodity trading against whi

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