Transaction of loan between two independent parties cannot be taxed in the hands of Broker to transaction

Shiv Prakash Bajaj Vs DCIT (ITAT Jaipur) It is not in dispute that the assessee surrendered a sum of Rs. 30.00 lass on account of incriminating material found during the search, therefore, the transaction of loan between two independent parties even if through the service of the assessee being broker cannot be thrust upon the assessee for want of taxing the same in the hands of the actual parties to the transaction. The reasoning of the A.O. and the Id. CIT(A) for making the addition is that if it is not assessed in the hands of the assessee then it would be a revenue loss as the complete part...