No reassessment for Client code modification on failure to prove malafide purpose of shifting profit  

Vayoo Nandan Finance Company Pvt. Ltd Vs ITO (ITAT Delhi)

Conclusion: Reassessment proceedings on the ground that assessee was one of the beneficiary of Client Code Modification (CCM) by some broker was quashed as there was no material to infer that such client code modification had been done with the malafide purpose of shifting  the profit or evasion of the tax.

Held: Assessee had derived income from business of financing activities and trading in shares and securities. The assessm

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