ITAT Reduces Profit Estimation as Assessee Acted Only as Pass-Through Entity Earning Thin Commission Margins

Gulzar Vs ITO (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal concerned both quantum and penalty proceedings for Assessment Year 2013-14. The assessee challenged the orders passed by the Commissioner of Income-tax (Appeals)/National Faceless Appeal Centre sustaining an addition made on estimated income basis. The Tribunal noted that in an earlier round of proceedings, the matter had been remanded to the Assessing Officer with directions to determine the actual turnover of the assessee. During the reassessment proceedings, notices were issued seeking supporting documents and ex...