Adhoc Disallowance made without Rejecting Books of Account is Invalid: ITAT [Read Order]
The court observed that when books of account maintained by the assessee having been duly audited have not been rejected by the AO the ad-hoc disallowance made based on surmises is not sustainable.
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the ad hoc disallowance made without rejecting books of account was not justified and needed to be deleted. The court observed that when books of account maintained by the assessee having been duly audited have not been rejected by the AO the ad-hoc…
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