https://www.taxtmi.com/caselaws?id=375426 The court quashed the assessment under Section 153A of the Income-tax Act as no incriminating material was found during the search operation, as required by law. The disallowance under Section 40A(3) was deleted as the transactions were genuine and payees were identified, aligning with the purpose of the provision to prevent tax evasion. Consequently, both appeals by the assessee were allowed. en-us Mon, 17 Dec 2018 00:00:00 +0530 Tue, 19 Feb 2019 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375426 The court quashed the assessment under Section 153A of the Income-tax Act as no incriminating material was found during the search operation, as required by law. The disallowance under Section 40A(3) was deleted as the transactions were genuine and payees were identified, aligning with the purpose of the provision to prevent tax evasion. Consequently, both appeals by the assessee were allowed. Case-Laws Income Tax Mon, 17 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375426