The Economic Times

Man sells 350 grams gold for Rs 11 lakh, income tax dept doubts it and sends tax notice for unexplained money; he wins case in ITAT Ahmedabad

A gold trader successfully challenged a tax notice deeming his Rs 11 lakh sale of 350 grams of gold as an accommodation entry. Despite the tax department's claims, the Income Tax Appellate Tribunal (ITAT) Ahmedabad ruled in his favor, citing banking channel transactions and a lack of contrary evidence from the revenue.