Disallowance purely on adhoc basis without rejection of books not tenable

West Coast Fine Foods (India) Pvt Ltd Vs DCIT (ITAT Mumbai) ITAT Mumbai held that disallowance of expenses purely on adhoc basis without rejection of books of accounts or without pointing out any specific deficiencies is not justifiable and liable to be set aside. Accordingly, appeal of assessee allowed. Facts- The assessee is engaged in the business of trading aquatic animal feed and related products, trading of farm raised shrimps which is purchased from various shrimp farmers and sold to processing house that freeze and export the shrimps. AO completed assessment u/s. 143(3) by making adhoc...