In the result, appeal filed by the assessee is partly allowed
Bench: Shri Inturi Rama Rao, Am & Shri Prakash Chand Yadav, Jm Assessment Year: 2013-14 P.V. Mercy .......... Appellant Aiswarya Traders, Nhamangad P.O. Vylathur, Thrissur 680307 [Pan: Acwpv0753D] Vs. The Income Tax Officer .......... Respondent Ward - 1, Guruvayur Appellant By: Ms. Tesin Mathew, Advocate Respondent By: Smt. Leena Lal, Sr. D.R. Date Of Hearing: 23.01.2025 Date Of Pronouncement: 04.02.2025
Section 40A(3) particularly when he admitted and accepted various cash payments and receipts out of business expediency made between the appellant and the sister concern, M/s Vellara Communications. 3 P.V. Mercy v] The learned assessing officer erred in adding back Rs 491877 (166026+325851) to business income as unconfirmed creditors without having any material on hand as evidence against