Addition u/s 69 - When the AO does not know as to who is the ...

Income Tax Officer's estimated addition u/s 69 unjustified without identifying specific broker in MCX transaction losses.

February 5, 2021

Case Laws Income Tax AT

Addition u/s 69 - When the AO does not know as to who is the broker to whom alleged amount is given, AO was not justified in making estimate based on general information that assessee has given the impugned amount to the broker for transaction in MCX. Since, it is an admitted case that assessee suffered loss in MCX transactions, therefore, there was no justification to make estimated addition - AT

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Addition u/s 69 - When the AO does not know as to who is the ...

Income Tax Officer's estimated addition u/s 69 unjustified without identifying specific broker in MCX transaction losses.

February 5, 2021

Case Laws Income Tax AT

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