ITAT found Disallowance of expenditure by lower authority excessive & unreasonably high

Metal Cans and Closures Pvt Ltd Vs ACIT (ITAT Lucknow) ITAT Lucknow held that amount of disallowance of expenditure, on presumption of leakage in the form of expenditure of personal nature, reduced as found that total amount of disallowance by lower authority was excessive and unreasonably high. Facts- Vide assessment order passed u/s 143(3) of the Income Tax Act, 1961, the assessee’s total income was assessed at Rs.6,28,91,316/- as against returned income of Rs.6,25,16,280/-. Notably, an addition of Rs.3,75,036/- was made on account of disallowance out of expenses under the heads conveyance...