Failure of Assessee to provide Evidence/Convincing reply about Goods received: ITAT made disallowance of 5% on account of Profit element [Read Order]

Failure of Assessee - Evidence-Convincing reply - Goods received-ITAT made disallowance-account of Profit element-TAXSCAN

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) made a disallowance of 5% on account of the profit element due to the failure of the assessee to provide evidence/convincing reply about the goods received. The Assessing Officer after receiving information from the Deputy Director of Income Tax DDIT (Inv.), Kolkata that Sri Sanjiw…

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