This can be caused from as little as a blown fuse or bad ground to a bad valve body in the transmission. I would suggest a transmission shop to further diagnose since there are pressures that need checked and circuits that will need checked with diagnostic equipment. Here is a description and the testing procedure for DTC P0740. Keep in mind that there is a good chance the trans will need rebuilt.
Possible Causes:
Internal transmission component fault (Input or Reaction shaft) Internal transmission leakage (valve body leaking or seal rings) Converter clutch valve or clutch timing valve is sticking TCC assembly has failed.
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Likely the trans shift control has a problem (electronic) Also make sure the map and tps are within range.
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