Broker Transactions through Banking Channel Not Unexplained Cash Credit

Darius Sam Motashaw Vs ACIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, has allowed an appeal by Darius Sam Motashaw, deleting an addition of Rs. 2,85,600 made by the Assessing Officer (AO) as an unexplained cash credit under Section 68 of the Income Tax Act, 1961. The dispute arose for the assessment year 2011-12 after the National Faceless Appeal Centre, Delhi, had upheld the AO’s addition. The case centered on a transaction where Motashaw received Rs. 2,85,600 from his broker, M/s. Sykes and Ray Equities, through a banking channel on November 24, 2010. The assessee...