No disallowance U/s. 40A(3) If Income computed by applying gross profit rate

Pr. CIT Vs Jadau Jewellers & Manufactures (P) Ltd. (Rajasthan High Court) When income of the assessee was computed by applying gross profit rate, there was no need to look into the provisions of section 40A(3), as applying the gross profit rate takes care of expenditure otherwise by way of cross cheque also. Following the same the action of Tribunal could not be held as unjustified. FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT 1. By way of this appeal, the appellant has assailed the judgment and order of the Tribunal whereby Tribunal has dismissed the appeal of the department. 2. Counsel ...