ITAT deletes adhoc disallowance of payment to Football Players

United Mohan Bagan Football Team Pvt. Ltd. Vs ITO (ITAT Kolkata) The assessee is a private limited company mainly engaged in the activity of running a football team. It filed its return of income for the Assessment Year 2012-13 declaring Nil Income. The Assessing Officer passed a best judgment assessment order u/s 144 of the Act, determining the total income at Rs.1,41,26,905/- interalia making an addition on account of difference in gross receipt of Rs.82,25,555/- and disallowance of expenditure on adhoc basis @ 5% of that which was claimed of Rs.54,15,232/-. Aggrieved the assessee carried th...