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| The Tax Publishers2019 TaxPub(DT) 7504 (SC) : (2019) 267 TAXMAN 0092 INCOME TAX ACT, 1961
Section 261 Section 40A(3)
Where assessee filed SLP to appeal against the judgment of Calcutta High Court in CIT v. Mohanlal Agarwal [ITA No. 149 of 2008, dt. 26-7-2016] : (2017) 393 ITR 402 (Cal) : 2017 TaxPub(DT) 1045 (Cal-HC), whereby the High Court held that income was computed by applying the gross profit rate and no deduction was claimed by and allowed to the assessee in respect of the purchases. Hence, there was no need to look into the provisions of section 40A(3) and rule 6DD(J). Therefore, it could not be said that the view taken by the AO was not one of the possible views and in view of this, CIT was not justified in holding assessment order erroneous and prejudicial, the Supreme Court granted special leave to assessee to appeal thereagainst.
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Appeal (Supreme Court) - Special leave petition - Revision under section 263 - Reason, no disallowance under section 40A(3) in course of block assessment
Assessee filed SLP to appeal against the judgment of Calcutta High Court in CIT v. Mohanlal Agarwal [ITA No. 149 of 2008, dt. 26-7-2016] : (2017) 393 ITR 402 (Cal) : 2017 TaxPub(DT) 1045 (Cal-HC), whereby the High Court held that income was computed by applyng the gross profit rate and no deduction was claimed by and allowed to the assessee in respect of the purchases. Hence, there was no need to look into the provisions of section 40A(3) and rule 6DD(J). Therefore, it could not be said that the view taken by the AO was not one of the possible views and in view of this, CIT was not justified in holding assessment order erroneous and prejudicial.Held: The Supreme Court granted special leave to assessee to appeal thereagainst.
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