https://www.taxtmi.com/caselaws?id=330931 The Tribunal allowed the assessee's appeal under Section 40A(3), deleting the disallowance of Rs. 21.50 lacs. The Tribunal remanded the issue for re-adjudication by the Assessing Officer due to banking evidence showing payments made, providing the assessee with a fair hearing. The penalty under Section 271(1)(c) was deleted, with the possibility of fresh proceedings by the Assessing Officer. The quantum appeal was allowed for statistical purposes, and the penalty appeal succeeded. en-us Wed, 29 Jun 2016 00:00:00 +0530 Tue, 09 Aug 2016 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330931 The Tribunal allowed the assessee's appeal under Section 40A(3), deleting the disallowance of Rs. 21.50 lacs. The Tribunal remanded the issue for re-adjudication by the Assessing Officer due to banking evidence showing payments made, providing the assessee with a fair hearing. The penalty under Section 271(1)(c) was deleted, with the possibility of fresh proceedings by the Assessing Officer. The quantum appeal was allowed for statistical purposes, and the penalty appeal succeeded. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330931