Networth Stock Broking Ltd, Mumbai vs. ACIT Cir 4(2), Mumbai
In the result, the appeal of assessee in ITA No
ITA 3332/MUM/2012[2007-08]Status: DisposedITAT Mumbai10 Mar 2017AY 2007-08
Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am
Section 143(3)Section 36(1)(ii)Section 43B
…ITR 133 (Kr) has held that burden of proving that the ostensible owner of property is not the real owner but is only a benamidar for another is on the taxing authorities. 5.9.10. Hon’ble Rajashthan High Court in the case of CIT vs. Surajmat Sardarmal (2006) 204 CTR 344 (Raj) held that assessee, a commission agent, having admittedly paid the profit arising from, certain transactions made by it on behalf of a party to said and accounted for the Page 36 of 43 ITA No.3228,2268,3332&2288/Mum/2012 Networth Stock Broking Ltd.; 2007-08 & 2008-09 commission received by it without making claim for any speculation loss,…