AIS/Form 10DB Mismatch Rejected as Basis for Taxing Agent on Trading Profits

ITO Vs Oval Investment Pvt. Ltd (ITAT Delhi) AIS/Form 10DB Mismatch Not Conclusive- Share & F&O Profits Taxable Only in Real Owner’s Hands- Commission Agent Cannot Be Taxed on Principal’s Trading Income  dismissed the Revenue’s appeal and upheld deletion of additions aggregating to ₹4.13 crore, holding that share trading, F&O and dividend income belonged to the principal (M/s RKS Distributors Pvt Ltd) and not to the assessee, who merely acted as an agent/manager. Assessee-company had declared a small loss. During scrutiny, AO treated profits from equity trading, F&...