Unreasonably high expense needs to be establish by assessee: Matter remanded to verify additional evidence

Coastal Energy Private Limited Vs ACIT (ITAT Chennai) ITAT Chennai held that assessee is needs to establish the expenditure which is unreasonably high. Thus, additional evidence filed for expense pertaining to ‘shortage and quality cuts’ needs complete verification. Accordingly, matter remanded back to AO. Facts- AO noted a new entry with alarming proportions is debited under the head ‘shortages and quality cut’. On verification of details furnished by the assessee, AO noted that under the head of expenditure includes shortages of Rs. 38,00,774/-, shortages account of Rs. 35,7...