Demonetisation Cash Deposits of Principals Cannot Be Added in Agent’s Hands: Delhi ITAT

Advertisement Vivek Mittal Vs ITO (ITAT Delhi) Delhi ITAT Deletes Demonetisation Addition for Money Transfer Agent – Cash Deposited Belonged to Principals, Not Agent The Delhi ITAT granted substantial relief to a money transfer agent by deleting addition made on account of cash deposited during the demonetisation period, holding that the assessee merely acted as a collection agent for payment service providers and the money deposited in bank accounts belonged to the principal companies. The assessee was engaged in the business of money transfer agency for entities such as Ezspend Prep...