https://www.taxtmi.com/caselaws?id=770347 ITAT PUNE restored the matter to AO after assessment u/s 144 where entire gross commission receipts were taxed without allowing expenditure. The assessee argued that taxing gross receipts without proportionate expenditure causes grave injustice, citing precedents showing profit estimation at 4-8% in similar cases. CIT(A)/NFAC dismissed the appeal due to lack of documentary evidence. ITAT directed AO to grant final opportunity to assessee to substantiate expenditure claims and decide afresh. Penalty u/s 270A for under-reporting was also restored for fresh adjudication. Appeals allowed for statistical purposes. en-us Wed, 07 May 2025 00:00:00 +0530 Fri, 09 May 2025 09:12:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770347 ITAT PUNE restored the matter to AO after assessment u/s 144 where entire gross commission receipts were taxed without allowing expenditure. The assessee argued that taxing gross receipts without proportionate expenditure causes grave injustice, citing precedents showing profit estimation at 4-8% in similar cases. CIT(A)/NFAC dismissed the appeal due to lack of documentary evidence. ITAT directed AO to grant final opportunity to assessee to substantiate expenditure claims and decide afresh. Penalty u/s 270A for under-reporting was also restored for fresh adjudication. Appeals allowed for statistical purposes. Case-Laws Income Tax Wed, 07 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770347