https://www.taxtmi.com/caselaws?id=13700 The Court dismissed the appeal, upholding the Tribunal's decision that u/s 40A(3) of the Income-tax Act does not apply in gross profit estimation scenarios. The Tribunal's decision to use a higher gross profit rate was supported, and the disallowance of cash payments exceeding the limit was justified. The Court concurred that when income is calculated using a gross profit rate, there is no need to consider u/s 40A(3) if no deduction is claimed under it. The appeal was dismissed as no substantial question of law was found. en-us Thu, 10 Aug 2006 00:00:00 +0530 Wed, 01 Jul 2009 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13700 The Court dismissed the appeal, upholding the Tribunal's decision that u/s 40A(3) of the Income-tax Act does not apply in gross profit estimation scenarios. The Tribunal's decision to use a higher gross profit rate was supported, and the disallowance of cash payments exceeding the limit was justified. The Court concurred that when income is calculated using a gross profit rate, there is no need to consider u/s 40A(3) if no deduction is claimed under it. The appeal was dismissed as no substantial question of law was found. Case-Laws Income Tax Thu, 10 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13700