The Income Tax Appellate Tribunal (ITAT), Chennai bench, has held that section 40 A(2)(b) can’t be invoked without corroborative evidence and set aside the order of the Commissioner of Income Tax Chennai in ITA No.49/2015-16/A-1 dated 29.12.2017. The appellant is a resident domestic company involved in software development and engineering designs. The AO noted that…
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