Investor Funds of Company Cannot Be Taxed as Director’s Personal Unexplained Money u/s 69A

Jagmohan Singh Bedi Vs ITO (ITAT Delhi) The Assessing Officer made an addition of ₹59.18 crore under section 69A in the hands of the assessee, alleging that amounts received from hundreds of investors in the name of a real estate group company (M/s IFAMA Builders & Developers Pvt. Ltd.) represented unexplained money of the assessee. The same addition was made protectively for AYs 2015-16 and 2016-17 and substantively for AY 2017-18, effectively taxing the same alleged amount across multiple years. The assessee contended that he was merely a low-paid employee of the group and was fraudule...