Profit margin forgone by assessee could not be held as expenditure for creating intangible or goodwill

Flipkart India Private Limited Vs ACIT (ITAT Bangalore) Conclusion: The profit margin forgone by assessee could not be held to be expenditure in creating intangible or goodwill as there was no expenditure incurred by assessee except those that were set out in the profit and loss account and disallowing such expenditure by AO and consequently arriving at a positive total income chargeable to tax was without any basis and not in accordance with law. Held: AO noticed that during the year under consideration, assessee has made a sale of Rs.15,264.42 crores to the retailers and against this, the co...