{"id":6155,"date":"2019-07-19T09:20:20","date_gmt":"2019-07-19T09:20:20","guid":{"rendered":"http:\/\/itatonline.org\/digest\/dcit-v-comet-investment-pvt-ltd-mum-trib-ur\/"},"modified":"2019-08-24T07:02:56","modified_gmt":"2019-08-24T07:02:56","slug":"dcit-v-comet-investment-pvt-ltd-mum-trib-ur","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/dcit-v-comet-investment-pvt-ltd-mum-trib-ur\/","title":{"rendered":"DCIT v. Comet Investment Pvt. Ltd. (Mum.) (Trib.) www.itatonline.org"},"content":{"rendered":"<p>Tribunal held that \u00a0\u00a0the asseeee is not registered broker on the stock exchange. Only the registered brokers can modify client code (CCM) of their own clients. the AO has not brought on record to establish that the losses were purchased or that there was payment in cash\/cheque for such favors. \u00a0\u00a0AO has mechanically added amounts as income of the assessee without verifying the records. Tribunal also held that, by no stretch of imagination can any AO consider a transaction on the stock exchange as income of a person other than the one who has either actually received monies in his bank account (In case of profit) and \/or paid any monies from his bank account (in case of loss) and nothing has been placed on record by the AO to demonstrate that any proceedings were ever initiated against the assessee by the SEBI or any stock exchange. <span lang=\"EN-GB\">Client code modification with in 1% of is absolutely normal <\/span>\u00a0Accordingly the loss is held to be allowable as business loss. (ITA No 5689 \/Mum\/2017 dt 13-05 2019 ) ( AY. 2010-11)<\/p>\n<p><a href=\"https:\/\/drive.google.com\/open?id=15sFvCALuVax_YQFZfeARzBUX8f8SJJeG\">[Click here to download PDF file]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.28(i): Business loss- Future and options- Shares  and derivatives &#8211; Client code modifications (CCM) &#8211;  No stretch of imagination can any AO consider a transaction on the stock exchange as income of a person other than the one who has either actually received monies in his bank account (In case of profit) and \/or paid any monies from his bank account (in case of loss) \u2013 burden is on AO to establish that the losses were purchased or that there was payment in cash\/cheque for such favors .  Client code modification with in 1% of is absolutely normal   [S. 143(3)]<\/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":[1],"tags":[],"class_list":["post-6155","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1Bh","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6155","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=6155"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6155\/revisions"}],"predecessor-version":[{"id":6696,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6155\/revisions\/6696"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=6155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=6155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=6155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}