Addition under section 69A unsustainable for cash deposited as facilitator

Ashish Natvarlal Vashi Vs ITO (ITAT Surat) Conclusion- Cash deposited in bank was transferred to insurance company by way of insurance premium in the name of respective insurer – Assessee acted as facilitator and not the owner of the cash deposited in bank account – Addition not possible under section 69A. Facts- The assessee deposited cash of INR 26,77,200 and INR 21,71,644 in his bank account. Assessee having main source of income as salary was question the source of cash deposited. Assessee explained that he collected these amounts from the investors and provided facility to make invest...