Quarry Expenses Allowed, Undisclosed Sales Deleted: ITAT Rejects Ad-hoc Estimate Without Book Rejection

Dr. C. Vijayabaskar Vs DCIT (ITAT Chennai) Quarry Expenses Fully Allowed Undisclosed Sales Deleted – Estimated Disallowance Without Rejecting Books Held Invalid The Chennai ITAT allowed the assessee’s appeals for AYs 2017-18 and 2018-19 and partly allowed the appeal for AY 2016-17 by deleting both the estimated disallowance of quarry expenses and the addition on account of alleged undisclosed sales of blue metal. The Tribunal held that quarry expenses were genuine business expenditure incurred for procuring raw material under a valid business arrangement with licensed quarry holders and co...