In the absence of any cogent evidence to show that the transaction was not genuine, the amounts received by an intermediary cannot be assessed in the hands of the assessee

Sahney Kirk wood Pvt. Ltd. Vs ACIT (Bombay High Court)- In the absence of any cogent evidence to show that the transaction was not genuine, the amounts received by an intermediary cannot be assessed in the hands of the assessee. In the present case, save and except the fact that one of the directors of the assessee company was also a director in Minicon, there is nothing on record to show that the transaction between the assessee and Minicon is a sham transaction. In these circumstances, in our opinion, the decision of the Tribunal in holding that the amounts received by Minicon on account o...