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of The ITAT allowed the assessee's appeal and set aside penalties levied under section 271(1)(c). The AO had added amounts for claimed depreciation on goodwill and under section 40A(3); the depreciation issue had been contested before the CIT(A) and subsequently the ITAT, which found in favour of the assessee and directed deletion of the penalty relating to goodwill depreciation. As to the section 40A(3) disallowance, the AO had identified payees and recorded particulars in the assessment order; the tribunal found the payees and transactions genuine and held the imposition of penalty on the 40A(3) addition to be unsustainable, resulting in deletion of that penalty as well.
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