Only Profit Element Taxable for Transport Booking Agent; Income Restricted to 3%: Pune ITAT

Advertisement Senthil Velavan Transport Vs ITO (ITAT Pune) Pune ITAT Holds Only Profit Element Taxable for Transport Booking Agent; Estimated Income Restricted to 3% of Bank Credits The assessee appealed against the order of the CIT(A)/NFAC arising from reassessment under Sections 147 and 250 of the Income Tax Act, challenging the estimated addition sustained by the CIT(A). The grounds relating to the validity of the notice under Section 148 and approvals under Section 151A were not pressed and were dismissed as withdrawn. The Tribunal condoned a delay of 54 days in filing the appeal. The A...