
A gold trader successfully appealed an income tax notice in Ahmedabad after the Income Tax Appellate Tribunal (ITAT) ruled in his favor. The tax department had deemed his Rs 11 lakh sale of 350 grams of gold an 'accommodation entry.' The trader presented bank statements, invoices, and proof of service tax payment, arguing the transaction was legitimate. The ITAT cited banking channel transactions and a lack of contrary evidence from the revenue department in its decision.
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