ITAT Orders 8% Presumptive Income for Unsubstantiated Transport Claims

Friends Transport Carrier Vs ITO (ITAT Chandigarh) In Friends Transport Carrier vs ITO, the Income Tax Appellate Tribunal (ITAT), Chandigarh, addressed an appeal concerning disallowance of transport expenses due to lack of evidence. The assessee, engaged in transport activities, reported total receipts of ₹81.89 lakh for Assessment Year 2020–21 and claimed expenditure of ₹80.31 lakh under Section 57 of the Income Tax Act. The Assessing Officer (AO) disallowed 75% of the claimed expenses, amounting to ₹60.11 lakh, citing failure to produce supporting evidence, and completed the assessm...