https://www.taxtmi.com/caselaws?id=772835 The ITAT Mumbai held that a debit balance in a broker's ledger account cannot be treated as income of the assessee. The tribunal found that the debit balance represented F&O bill credit margin, meaning the broker was entitled to receive money from the assessee. Correspondingly, the assessee's books showed a credit balance indicating liability to pay the broker. The tribunal concluded that treating the broker's debit balance as the assessee's income was incorrect and deleted the addition. The assessee's appeal was allowed. en-us Tue, 22 Apr 2025 00:00:00 +0530 Sat, 14 Jun 2025 06:47:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772835 The ITAT Mumbai held that a debit balance in a broker's ledger account cannot be treated as income of the assessee. The tribunal found that the debit balance represented F&O bill credit margin, meaning the broker was entitled to receive money from the assessee. Correspondingly, the assessee's books showed a credit balance indicating liability to pay the broker. The tribunal concluded that treating the broker's debit balance as the assessee's income was incorrect and deleted the addition. The assessee's appeal was allowed. Case-Laws Income Tax Tue, 22 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772835