ITAT Delhi Deletes Addition on Alleged Bogus Loss from Client Code Modification – No Evidence of Misuse

ACIT Vs Shri Ravi Shankaran (ITAT Delhi) ITAT Delhi Deletes Addition on Alleged Bogus Loss from Client Code Modification – No Evidence of Misuse Revenue appealed against CIT(A)’s order deleting addition of ₹3.63 crore, which AO had disallowed treating loss from Client Code Modification (CCM) as non-genuine. Assessee, engaged in share transactions through registered broker Pace Stock Broking Services Pvt. Ltd., had filed return declaring loss of ₹5.44 crore. AO, based on Investigation Wing report from Ahmedabad, alleged misuse of CCM to purchase losses & reopened assessment u/s 147....