Mumbai ITAT: Reassessment Must Tax Real Income, Not Duplicate Salary Entries; CCM Addition Deleted for Want of Evidence

ACIT Vs Deepak Natvarlal Dadia (ITAT Mumbai) Mumbai ITAT: Reassessment Must Tax Real Income, Not Duplicate Salary Entries; CCM Addition Deleted for Want of Evidence The Mumbai ITAT dismissed the Revenue’s appeal and upheld the relief granted to the assessee, holding that reassessment proceedings are meant to determine the correct taxable income and cannot be used to tax income that never accrued merely because it was mistakenly reported in Form 26AS. The Tribunal also deleted additions arising from alleged Client Code Modification (CCM) transactions, finding that the transactions were duly r...