https://www.taxtmi.com/caselaws?id=353454 The ITAT Jaipur rejected the assessee company's retraction of statement recorded under section 132(4) regarding undisclosed cash found during search, citing inordinate delay without justifiable explanation and consistency in post-search statements. The addition for undisclosed income was confirmed. However, the tribunal deleted disallowances under section 40A(3) - one because the amount was offered to tax in subsequent year, and another totaling Rs. 82,200 involving cash payments to laborers, accepting business exigency explanations for after-hours payments and machine breakdown situations where individual payments were below Rs. 20,000. en-us Fri, 29 Dec 2017 00:00:00 +0530 Tue, 13 May 2025 16:34:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353454 The ITAT Jaipur rejected the assessee company's retraction of statement recorded under section 132(4) regarding undisclosed cash found during search, citing inordinate delay without justifiable explanation and consistency in post-search statements. The addition for undisclosed income was confirmed. However, the tribunal deleted disallowances under section 40A(3) - one because the amount was offered to tax in subsequent year, and another totaling Rs. 82,200 involving cash payments to laborers, accepting business exigency explanations for after-hours payments and machine breakdown situations where individual payments were below Rs. 20,000. Case-Laws Income Tax Fri, 29 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353454