Only Profit Element Taxable in Commodity Transactions: ITAT Mumbai

Asha Viren Raj Vs ITO (ITAT Mumbai)

The Asha Viren Raj Vs ITO (ITAT Mumbai) case revolves around the contentious issue of reassessment under Section 147 of the Income Tax Act, 1961, and the taxation of commodity transaction income. The original assessment for Assessment Year (AY) 2012-13 was completed under Section 143(3). However, the Income Tax Department (ITD) initiated reassessment proceedings based on information from the Serious Fraud Investigation Office (SFIO) regarding alleged misuse of Client Code Modification (CCM) on the National

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