ITAT deletes addition made for non-production of audited books

ITO Vs Richmond Vivek Laboratories P Ltd (ITAT Hyderabad) Learned CIT (DR) vehemently contended during the course of hearing that the CIT (A) has erred in law and on facts in deleting the impugned misc. expenditure disallowance of Rs.1,92,38,312/- despite the fact that the assessee had failed to prove the same by way of filing cogent supportive evidence before the Assessing Officer. We find no merit in Revenue’s instant grievance. There is no dispute qua the clinching fact that the assessee’s books had been duly audited and its Annual Report was also available. And that the Assessing Offic...