This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Personal funds were utilized to conduct transactions on NSEL platform: ITAT deleted addition
Case Law Details
- Case Name
- DCIT Vs Modern India Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
DCIT Vs Modern India Ltd. (ITAT Mumbai)
In the matter aforementioned ITAT deleted addition made on account of Client Code Modification after observing that assessee utilized its own funds to conduct transactions on NSEL platform and the profits from such transactions have already been offered to tax.
Assessee engaged in manufacturing and trading activities. It filed return at Rs.60,14,050/- and Rs.2,84,14,510/- for AYs 2012-13 and 2014-15 respectively. Assesssment were completed u/s 143(3). Subsequently assessments were reopened on information that the assessee has indulged ...
Author Info
