https://www.taxtmi.com/caselaws?id=334192 The High Court ruled in favor of the assessee, holding that Section 40A(3) of the Income Tax Act was inapplicable in the case. The Court emphasized that the section applies to block assessments only when the expenditure claimed has been incurred and included in income computation. As the investment in gold was already taxed as unexplained income and not claimed as expenditure, the Court rejected the Revenue's argument. The Court found the rate considered for valuation of gold by the Assessing Officer to be appropriate, ultimately deciding against the Revenue's disallowance. en-us Wed, 26 Oct 2016 00:00:00 +0530 Sat, 05 Nov 2016 07:21:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334192 The High Court ruled in favor of the assessee, holding that Section 40A(3) of the Income Tax Act was inapplicable in the case. The Court emphasized that the section applies to block assessments only when the expenditure claimed has been incurred and included in income computation. As the investment in gold was already taxed as unexplained income and not claimed as expenditure, the Court rejected the Revenue's argument. The Court found the rate considered for valuation of gold by the Assessing Officer to be appropriate, ultimately deciding against the Revenue's disallowance. Case-Laws Income Tax Wed, 26 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334192