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Ad-Hoc 8% Profit on Logistics Turnover Rejected; ₹19.09 Cr Addition Deleted – ITAT Mumbai
Case Law Details
- Case Name
- ACIT Vs Freightbridge Logistics Pvt. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs Freightbridge Logistics Pvt. Ltd. (ITAT Mumbai)
Ad-Hoc Profit @8% on Logistics Turnover Rejected – Non-Resident Shipping Vendors Not Ground to Reject Books – ₹19.09 Cr Addition Deleted – ITAT Mumbai
AO rejected books & estimated NP @8% on turnover of ₹353.68 Cr alleging discrepancies in trade creditors and non-filing/ nil ITRs by foreign shipping vendors, resulting in addition of ₹19.09 Cr. CIT(A) deleted addition after calling remand report and issuing notices u/s 133(6) to major vendors.
ITAT held that confirmations from substantial creditors, bank trail, ledger accou...
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