Accommodation Entry Income Cut to 1.5% in Bank Routing Case

Gopal Mathurdas Parikh (IND) Vs ITO (ITAT Ahmedabad) Accommodation Entry Income Re-Estimated at 1.5%: ITAT Ahmedabad Reduces Addition in Bank Routing Case The Ahmedabad Bench of the ITAT partly allowed the assessee’s appeals for AYs 2013-14, 2014-15 and 2015-16, holding that where the assessee is merely an accommodation entry provider, only the commission/profit element can be taxed, and not the entire credits or turnover. The assessee, engaged in trading of cattle feed/maize, was found to have routed large sums through his bank account with Nutan Nagrik Sahakari Bank, primarily involving en...