Failure to prove Malafide purpose of Shifting Profit under Client code modification: ITAT quashes Reassessment Proceedings [Read Order]
In a significant case on failure to prove the malafide purpose of shifting the profit under Client code modification by the assessing officer the Delhi ITAT bench quashed the reassessment proceedings
By Aparna. M - On March 24, 2024 12:00 pm - 2 mins read
The Delhi bench Income Tax Appellate Tribunal ( ITAT ) quashed the reassessment proceedings due to failing to prove the malafide purpose of shifting the profit under Client code modification by the assessing officer. The Assessee, Vayoo Nandan Finance filed return of income for the Asst Year 2009-10 by declaring total loss of Rs 73,315/. AO…
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