ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, MUZAFFARPUR, MUZAFFARPUR vs. AJIT KUMAR, BETTIAH

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri George Mathan & Shri Rakesh Mishra

section 40A(3) are not applicable in this case. NET PROFIT has already been estimated at 5.39% on the entire unaccounted turnover of the assessee, hence any further addition u/s 40A(3) on the basis of same impounded material is not warranted as the estimation of Net Profit has taken care of all the expenses. This position has been affirmed

NALANDA ENGICON PVT. LTD, PATNA,PATNA vs. PR. CIT (CENTRAL), PATNA