https://www.taxtmi.com/caselaws?id=284631 The Tribunal allowed the appeal, ruling that the turnover calculation for the clearing and forwarding agent should exclude reimbursed expenses. The decision was based on a CBDT circular and relevant case law, finding that the turnover should only include service charges, not gross receipts with reimbursements. As the AO failed to demonstrate that TDS receipts reflected the actual turnover without reimbursements, the penalty under section 271B was set aside, providing relief to the assessee. en-us Fri, 29 Jul 2016 00:00:00 +0530 Sat, 30 Nov 2019 15:52:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284631 The Tribunal allowed the appeal, ruling that the turnover calculation for the clearing and forwarding agent should exclude reimbursed expenses. The decision was based on a CBDT circular and relevant case law, finding that the turnover should only include service charges, not gross receipts with reimbursements. As the AO failed to demonstrate that TDS receipts reflected the actual turnover without reimbursements, the penalty under section 271B was set aside, providing relief to the assessee. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284631