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2014 (6) TMI 407 - HC - Income TaxDeletion of disallowance u/s 40A(3) - dis-allowance of cash expenditure where income assessed on estimated basis – Held that:- Following Commissioner of Income Tax v. Smt.Santosh Jain [2006 (8) TMI 167 - PUNJAB AND HARYANA High Court] - where the income of the assessee has been computed by applying gross profit rate, there is no need to invoke the provisions of Section 40A(3) of the Act as the gross profit rate takes care of expenditure incurred otherwise than by way of cross cheques also – Decided against Revenue. Chargeability of interest u/s 158BFA(1) of the Act – Late filing of return – Held that:- There was no delay on the part of the assessee in filing the return - assessee could not file the return for the block period as the department had taken time to supply the copies of the seized documents on the basis of which the assessee had filed the return for the block period on 25.2.1999 - There was no delay on the part of the assessee in filing the return after the supply of copies of the seized documents by the revenue - deletion of levy of interest by the Tribunal is justified – Decided against Revenue.
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