SHRI VIKASKUMAR MACWAN vs DC/ACIT CENTRAL CIRCLE 3

Whether the gross principal amount of cash transactions in an angadia business can be treated as unexplained money under section 69A of the Income Tax Act, 1961 --- Held No; only the commission income embedded in such transactions can be taxed. Whether the commission income estimated at 2% by the CIT(A) is reasonable --- Held No; restricted to 0.30% of the total unaccounted turnover.