Entire consideration received by an entry provider not taxable as business income

DCIT Vs Nexus Software Ltd. (ITAT Ahmedabad) ITAT Ahmedabad held that consideration received by the assessee, being an entry provider, as accommodation entry cannot be taxed entirely as business income. Facts- During the assessment proceedings, the assessee submitted seven bank accounts wherein deposit of Rs. 88,07,50,048/- has been made and withdrawal of Rs. 88,05,67,045/- was made by the assessee, as an entry provider to various parties. Thus the assessing officer considering the above bank accounts determined the commission income at 0.5% on the withdrawal in the various bank accounts namel...