CM-Based Addition Deleted – No Evidence Beyond Investigation Wing Information

Shukra Bullions Ltd. Vs ITO (ITAT Mumbai) Mumbai ITAT deleted an addition of ₹2,02,100 made on account of alleged Client Code Modification (CCM) transactions, holding that mere reliance on investigation wing information is insufficient without corroborative evidence. The Tribunal observed: Reopening and addition were based solely on ADIT (Investigation) report alleging fictitious CCM transactions No direct evidence, broker statement, or material linking the assessee to such transactions was produced The assessee had categorically denied involvement and furnished complete financial records, ...