Cash Deposits for Clients Not Assessee’s Own Funds: Section 69A Inapplicable

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...