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        Case ID :
        Income Tax

        Where reassessment is initiated under s.147 on recorded reasons,...

        Reassessment over cash deposits: no addition on recorded issue, so s.40A(3) disallowance deleted despite Expln. 3

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Where reassessment is initiated under s.147 on recorded reasons, the AO must first make an addition on the very issue forming the basis of those reasons; if the AO accepts the explanation and makes no addition on the recorded-reasons issue, no other addition can be made on unrelated matters, and Expln. 3 to s.147 does not cure this defect. Since the AO made no addition regarding the cash deposits referred to in the reasons but instead made an addition under s.40A(3) without any recorded reason, the s.40A(3) addition was held unsustainable and directed to be deleted; the taxpayer's ground was allowed. - ITAT
                                Note: It is a system-generated summary and is for quick reference only.
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