Dear sir,
In the search assessment section 40A(3) is applicable or not?. Please help me
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Applicability of section 40a(3) in search cases
Replies (1)
Hi Jimshad,
40A(3) applies to the proceedings to assessment under Chapter XIV-B. So in search assessment 40A(3) is applicable. However if any addition u/s 40A(3) disallowance is made on the estimation basis, then it is not tenure in law. Please refer the case " CIT (CENTRAL) Vs SAI METAL WORKS, (P&H-HC)
Thanks
CA GOKUL RAJ
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