TMI Blog2017 (9) TMI 1762X X X X Extracts X X X X X X X X Extracts X X X X ..... ring 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) TM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : 1. Whether on the facts and circumstances of the case and in law the decision of the hon'ble Income-tax Appellate Tribunal was per verse in restricting trading addition to only ₹ 9,52,599 out of the total trading addition of ₹ 91,37,068 made by the Assessing Officer ignoring the facts brought out by a qualified chartered accountant in special audit report which is based on v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the finding of the Tribunal is perverse, contrary to the record and untenable in the eye of law ? 3. The counsel for the appellant has taken us through the order of the Assessing Officer as well as the Commissioner of Income-tax (Appeals) and contended that the view taken by the Assessing Officer is required to be restored. 3.1 The first issue is now covered by the decision of this court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : '. . . The question for consideration is when no deduction was sought and allowed under section 40A(3), was there any need to go into section 40A(3) and rule 6DD(j). We see force in the view taken by the Appellate Tribunal that when the income of the assessee was computed applying the gross profit rate and when no deduction was allowed in regard to the purchases of the assessee, there ..... X X X X Extracts X X X X X X X X Extracts X X X X
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