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2017 (9) TMI 1762 - HC - Income TaxTrading addition - Tribunal restricted part addition - qualified chartered accountant in special audit report which is based on very reasonable analysis of the facts derived from the seized material and information provided by the assessee during special audit process - Held that:- The first issue is now covered by the decision of this court and the Tribunal has followed the same. In that view of the matter, the Tribunal has not committed any error in deciding question No. 1. Addition under section 40A(3) - Held that:- The issue is covered by the decision of the Punjab and Haryana High Court in CIT v. Smt. Santosh Jain [2006 (8) TMI 167 - PUNJAB AND HARYANA HIGH COURT] wherein it has been held that when income of the assessee was computed by applying a gross profit rate, there was no need to look into the provisions of section 40A(3) of the Act, as applying the gross profit rate takes care of the expenditure otherwise than by way of crossed cheque also - No substantial question of law arises.
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