ITAT restricts addition to 10% for assessee engaged in business of manpower

Santi Ranjan Biswas Vs ITO (ITAT Delhi) The assessee is engaged in the business of manpower/security guards supply and earns profit out of the receipts after paying wages to the security guards provided by him to the customers. During the year, the assessee received Rs.1,16,75,752/- on account of services rendered to his customers. The assessee has shown the net receipts of Rs.18,50,000/- as gross profit and declared a total loss of Rs.12,385/- in the return of income. The Assessing Officer disallowed an amount of Rs.98,25,752/- being the difference of the total receipts (Rs.1,16,75,752/- ) as...