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Addition u/s 40A(3) unsustainable in absence of incriminating material
Case Law Details
- Case Name
- S. Ashokan Vs DCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13, 2010-11 & 2008-09
- Courts
- All ITAT, ITAT Chennai
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S. Ashokan Vs DCIT (ITAT Chennai)
Addition towards cash payments u/s 40A(3) unsustainable in absence of any incriminating materials found during search – claim of assessee abruptly rejected that cash found during search pertains to earlier AY.
Facts- The first issue in assessee appeal is validity of assessment order passed by the AO u/s.143(3) r.w.s.153A. The case of the assessee was searched on 29.03.2011 and as on date of search, assessment for the impugned assessment year 2008-09 was unabated/concluded, because time limit for statutory notice u/s.143(2) of the Act, was expired on 30th Sep...
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