Ad-Hoc 8% Profit on Logistics Turnover Rejected; ₹19.09 Cr Addition Deleted – ITAT Mumbai

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...