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Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
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ITAT held that the adhoc addition of 10% of turnover based on service-tax receipts was unsustainable: the assessee had filed a reconciliation and supporting documents demonstrating legitimate differences between service-tax receipts (advances) and gross receipts for income-tax purposes, and AO and CIT(A) erred in making unreasoned, estimation-based additions. The Tribunal deleted the estimated profit addition and confirmed that books were not rejected nor additional evidence improperly excluded. Disallowance of sales-promotion expenditure was reversed for lack of material showing non-business purpose. Disallowance under section 14A was also deleted on findings that the assessee earned no exempt income in the year.
ITAT held that the adhoc addition of 10% of turnover based on service-tax receipts was unsustainable: the assessee had filed a reconciliation and supporting documents demonstrating legitimate differences between service-tax receipts (advances) and gross receipts for income-tax purposes, and AO and CIT(A) erred in making unreasoned, estimation-based additions. The Tribunal deleted the estimated profit addition and confirmed that books were not rejected nor additional evidence improperly excluded. Disallowance of sales-promotion expenditure was reversed for lack of material showing non-business purpose. Disallowance under section 14A was also deleted on findings that the assessee earned no exempt income in the year.
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