Well considered findings of appellate authorities not warrant any interference by HC

Ankit Ispat Private Limited Vs ACIT (Madras High Court) In the present case, the assessing officer, while completing the assessment for the assessment year 2014-15, made disallowance of 10% on purchases on adhoc basis. On appeal, the said disallowance was restricted to 2.5% of the total turnover, by the CIT(A) on estimate basis and the same was also affirmed by the Tribunal, by order dated 11.11.2021, which is impugned herein. For effective adjudication of the issue involved herein, the findings of the appellate authorities are quoted below for ready reference: Commissioner of Income Tax (App...