Re-assessment merely based on Client Code Modification is invalid: ITAT Ahmedabad

Chandresh Luniya Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that reopening alleging income escaped assessment merely on the basis of Client Code Modification without any other corroborative evidence cannot be sustained. Accordingly, re-assessment held invalid. Facts- The assessee is an individual and engaged in the business of shares and securities. Post scrutiny assessment, as per data relating to Client Code Modification (CCM) with the Department, it is found the assessee had entered into transaction through Mehta Finstock Pvt. Ltd. amounting to Rs.5,89,787/- which has escaped assessment, h...