Addition for income from commodity transactions not justified if supporting details filed

ITO Vs M/s Prism Share Trading Pvt. Ltd. (ITAT Mumbai) Conclusion: Where assessee had duly substantiated that it had earned a profit from commodities transactions along with complete details supporting the same, AO was not justified in treating the commodity transactions a fictitious arrangement with its associate concerns and adding the income as an unexplained cash credit under Sec.68. Held: In the present case, assessee had offered the amount of Rs.5,73,96,307/- as income from commodities trading business along with complete details supporting the same. A.O being of the view that assessee ...