Amount deposited for contract signee does not attract S. 69A-Allahabad HC

PCIT Vs Sushil Kumar Sharma (Allahabad High Court) In appeal u/s 260A Hon’ble Allahabad HC concluded that mere depositing amount in his own bank account instead of bank account of the contract signee does not attract provision of section 69A. The assessee was engaged in the business of providing security, housekeeping, manpower supply since 2009. During FY 2016-17 assessee signed agreement with FRB (First Rand Bank) for collection of loan instalments from the micro borrowers who are thousands in number spread all over the region in Mumbai. Assessee collected monthly instalments from the ...