Loss cannot be disallowed merely for Code modifications by stock broker

Ankit Girishkumar Vasani Vs ITO (ITAT Mumbai)

Code modifications carried out by the stock broker should not affect the claim of the assessee unless it is proved that the assessee has colluded with the stock broker in carrying out the modification.

We noticed earlier that the AO has reopened the assessment on the basis of information supplied by the investigation wing of the department that the assessee has generated fictitious loss. It is stated that the assessee is a beneficiary of client code modification, which has resulted in

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