Bought note purchase vis-à-vis applicability of section 40A(3)

V.K. Textile Processors Vs ITO (ITAT Chennai) Held that as per the identical issue of disallowance of bought note purchases in cash u/s. 40A(3) of the Act for the assessment year 2017-18 and after considering relevant facts, we set aside the issue to the file of the Assessing Officer for further verification. Facts- The only issue that came up for our consideration is disallowance of cash payments made u/s.40A(3) of the Act. The brief facts with regard to impugned dispute are that survey u/s.133A was conducted in the case of the assessee on 06.02.2018. During the course of survey, based on mat...