Assessing Officer alleged that assessee-commodity broker had done client code modifications for unusually high number of times helping clients to divert their profits to other persons and, thus, assessee had earned unaccounted income from clients \u00a0and made addition of Rs 2 crore based on the statement of Nayan Thakkar \u00a0. However, said Nayan Thakkar \u00a0subsequently retracted from his statement . \u00a0In case of Kunvarji Finance itself, Tribunal had already found that there was no material or evidence to support additions made by Assessing Officer . Tribunal deleted the addition . On appeal by revenue the court held that since addition was not based on any material other than disclosure made by NT which was retracted, no substantial question of law arose on its deletion . \u00a0Followed PCIT v. Kunvarji Finance Ltd\u00a0 dt 6-10 -2015 (Guj) (HC) \u00a0.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69A : Unexplained money \u2013 Client code modification \u2013 Commodity broker \u2013 Statement was retracted \u2013 Deletion of addition is held to be justified [ S. 132 (4), 153A, 260A ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19804","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-59q","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19804"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19804\/revisions"}],"predecessor-version":[{"id":19805,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19804\/revisions\/19805"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}