Provisions of section 40A(3) inapplicable as income assessed by applying G. P. rate

Nishant Jain Vs ACIT (ITAT Raipur) ITAT Raipur that where the income of the assessee has been computed by applying a gross profit rate, there is no need to look into the provisions of Section 40A(3) of the Income Tax Act as gross profit (G.P.) rate takes care of expenses otherwise than by way of crossed cheque. Facts- PCIT passed an order u/s. 263 of the Act, wherein it was, inter alia, observed by him that the A.O while framing the assessment had failed to consider the fact that as the assessee had suppressed/short accounted for machinery and mobilization advance of Rs.1,36,15,941/- in his bo...