https://www.taxtmi.com/caselaws?id=751171 The ITAT Ahmedabad held that funds received by the assessee from JDS and associates could not be treated as the assessee's own income. The tribunal found that money trail investigations revealed VMS Industries as the ultimate beneficiary, with the assessee serving merely as an intermediary. The AOs of all three entities unanimously agreed that funds were channeled through the assessee and SCMPL only as intermediaries. Despite VMS Industries settling the dispute under VSVS scheme, the tribunal relied on Sumati Dayal precedent and deleted the addition, ruling in favor of the assessee. en-us Fri, 05 Apr 2024 00:00:00 +0530 Tue, 09 Apr 2024 08:23:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751171 The ITAT Ahmedabad held that funds received by the assessee from JDS and associates could not be treated as the assessee's own income. The tribunal found that money trail investigations revealed VMS Industries as the ultimate beneficiary, with the assessee serving merely as an intermediary. The AOs of all three entities unanimously agreed that funds were channeled through the assessee and SCMPL only as intermediaries. Despite VMS Industries settling the dispute under VSVS scheme, the tribunal relied on Sumati Dayal precedent and deleted the addition, ruling in favor of the assessee. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751171