Receiving funds from a company alone doesn’t imply income evasion

ACIT Vs Ace Trexim Pvt. Ltd. (ITAT Kolkata) Introduction: The case of ACIT Vs Ace Trexim Pvt. Ltd. before the Kolkata Income Tax Appellate Tribunal (ITAT) revolves around the reassessment initiated by the Assessing Officer (AO) based on alleged unexplained funds received by the assessee. The tribunal’s ruling sheds light on the necessity of tangible information for the belief of income escapement. This article delves into the details of the case and analyzes the tribunal’s decision. Detailed Analysis: The Revenue challenged the order of the Commissioner of Income Tax (Appeals) [CIT...