Ad-hoc disallowance of expenditure without any basis is unsustainable in law

Shivam Tractor Vs ITO (ITAT Raipur) ITAT Raipur held that ad-hoc disallowance of expenditure without specifying expenditure which was either not incurred for the purpose of business or was not substantiated by documentary evidence/material is unsustainable in law. Facts- The assessee company, which is engaged in the business of trading tractors, trolleys, and spare parts, had filed its return of income for A.Y. 2013-14, declaring an income of Rs. 4,93,500/-. The case of the assessee was, thereafter, selected for scrutiny assessment u/s. 143(2) of the Act. AO vide his order passed u/s. 143(3) a...