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APMC Commission Agent Not Taxable on Entire Sale Proceeds; Section 69A Issue Remanded: ITAT Bengaluru
Case Law Details
- Case Name
- Mohammed Umaruddin Khamruddin Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Bangalore
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Mohammed Umaruddin Khamruddin Vs ITO (ITAT Bangalore)
APMC Commission Agent Cannot Be Taxed on Entire Sale Proceeds-Bengaluru ITAT Remands ₹2.67 Crore Cash Deposit Addition
The Bengaluru ITAT held that cash deposits made by an APMC commission agent cannot automatically be treated as unexplained money under section 69A, merely because they exceed the turnover disclosed in the return of income. The Tribunal restored the matter to the Assessing Officer for fresh verification after finding that the assessee had produced prima facie evidence showing that he was merely acting as a...
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