Dear sir,
In the search assessment section 40A(3) is applicable or not?. Please help me
CA GOKUL RAJ R
(Chartered Accountant)
(151 Points)
Replied 13 February 2016
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
CAclubindia
