Reem Broking Pvt. Ltd. vs. ITO

Parties Involved

Facts Summary

The assessee, Reem Broking Pvt. Ltd., filed an appeal against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, dated 31.12.2025. The appeal pertains to the Assessment Year 2015-16. The assessee challenged the disallowance of business profit of Rs. 28,30,800/- earned from Futures and Options (F&O) trades, which was treated as non-genuine profit by the Assessing Officer. The assessee argued that the transaction was genuine and the profit had already been included in its taxable income. The assessee also contested the levy of penalty and interest.…

Legal Issues

• 1. Whether the addition of Rs. 28,30,800/- as non-genuine profit under section 68 of the Act is sustainable?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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