Addition u/s 40A(3) unsustainable in absence of incriminating material

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/con

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