{"id":6156,"date":"2019-07-19T09:23:23","date_gmt":"2019-07-19T09:23:23","guid":{"rendered":"http:\/\/itatonline.org\/digest\/dcit-v-vipul-d-shah-mum-trib-ur\/"},"modified":"2019-07-19T09:23:23","modified_gmt":"2019-07-19T09:23:23","slug":"dcit-v-vipul-d-shah-mum-trib-ur","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/dcit-v-vipul-d-shah-mum-trib-ur\/","title":{"rendered":"DCIT v. Vipul D. Shah  (Mum.)(Trib.)  (UR)"},"content":{"rendered":"<p>Tribunal held that the transactions were supported by bills\/contract notes and the assessee couldn\u2019t have done any client code modifications. The data provided by the A.O.\u00a0 neither pertained to assessee nor any modification was carried out on behest of the assessee. There is nothing on record to establish that the loss transactions were not genuine. Further, assesse is not a registered broker and thus, could not modify the client code. Nothing has been brought on record by the AO to prove that the modifications have been done on the behest of the assessee and thus, the assessee couldn\u2019t be held responsible for the modification to the client code.\u00a0 Tribunal also held that no nexus can be established with the losses suffered by the assessee. The connivance\/ collusion of the assessee with the share broker could not be established.\u00a0 Accordingly the deletion of addition by the CIT(A) is \u00a0affirmed. (ITA No 5688\/Mum\/2017 dt 3-07 2019) (AY. 2010-11)<\/p>\n<p><a href=\"https:\/\/drive.google.com\/open?id=1JMCHVTQ0xr_9eAT94Ozf5vqocoT_cjA1\">[Click here to download PDF file]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(1) : Business income\u2013Suppression of income-Future and options-Shares  and derivatives &#8211; Client code modifications (CCM)-  Burden is on the assessee to establish that the client code modifications have been done on the behest of the assessee\u2013 Addition cannot be made as suppression of income of the assessee. [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-6156","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1Bi","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6156","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=6156"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6156\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=6156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=6156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=6156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}