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Cash Deposits for Clients Not Assessee’s Own Funds: Section 69A Inapplicable
Case Law Details
- Case Name
- Manish Punjabhai Odedra Vs ITO (ITAT Rajkot)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Rajkot
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Manish Punjabhai Odedra Vs ITO (ITAT Rajkot)
Cash Deposits on Behalf of Clients Not Assessee’s Own Funds – Section 69A Held Inapplicable- ITAT Rajkot Deletes ₹61 Lakh Addition u/s 69A – Assessee Proved to be a Commission Agent, Not Owner of Funds
AO had reopened the case & treated cash deposits in bank as unexplained money, rejecting Assessee’s explanation that the funds belonged to clients for whom he executed derivative transactions as a sub-share broker. Assessee furnished bank statements, ledgers of Angel Broking & Sunflower Broking, SEBI certificate, affidavits, & co...
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