Dismissing the appeal the Tribunal held that that when no incriminating material was found, ad-hoc expenditure of fifty percent of expenditure is held to be not sustainable. (AY. 2008-09)
ACIT v. Arvind Srinivasan (2021) 86 ITR 84 (Chennai)(Trib.)
S. 153A : Assessment-Search-Unproved expenditure-No incriminating material was found-Ad-hoc expenditure of fifty percent of expenditure is held to be not sustainable. [S.132]