Bank Account with Social Co-operative Insufficient to Imply Accommodation Entry: ITAT

ACIT Vs Aaryavart Infrastructure Pvt. Ltd. (ITAT Ahmedabad) Mere maintenance of Bank account with Social Co-operative  cannot be a ground to draw a conclusion that the assessee is engaged in the accommodation entry and consequently form the reason to believe that the income of the assessee has escaped assessment. The Income Tax Appellate Tribunal (ITAT) Ahmedabad delivered a crucial ruling in the case of ACIT Vs Aaryavart Infrastructure Pvt. Ltd. regarding the assumption that income escaped assessment due to the maintenance of a bank account with a social co-operative bank. This article provi...