Entire Forex Turnover Cannot Be Taxed Without Verification: ITAT Mumbai

Golden Express Pvt. Ltd. Vs ITO (ITAT Mumbai) ITAT Mumbai restores case for fresh adjudication – 100% turnover cannot be taxed without examining books; even 5% estimation unjustified without verification Golden Express Pvt. Ltd., a Full Fledged Money Changer (FFMC) licensed by RBI, filed its return for AY 2018-19 declaring ₹3.82 lakh income. Original assessment u/s 143(3) was completed accepting the return. Later, based on Investigation Wing inputs relating to M/s A.N. Forex Pvt. Ltd. (a company allegedly involved in bogus forex transactions), AO reopened the case u/s 148A, alleging that A...