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AIS/Form 10DB Mismatch Rejected as Basis for Taxing Agent on Trading Profits
Case Law Details
- Case Name
- ITO Vs Oval Investment Pvt. Ltd (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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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&...
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