https://www.taxtmi.com/caselaws?id=336759 The Tribunal ruled in favor of the assessee, allowing both appeals. It found the granite purchases legitimate, supported by evidence despite doubts raised by the AO. The disallowance under Section 40A(3) for cash payments was deemed unjustified as the payments were made through self-cheques to agents. Additionally, the penalty under Section 271B for delayed audit report submission was deleted, considering the reasonable explanation provided by the assessee and the timely filing of the report before the assessment completion. en-us Wed, 23 Nov 2016 00:00:00 +0530 Wed, 28 Dec 2016 09:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336759 The Tribunal ruled in favor of the assessee, allowing both appeals. It found the granite purchases legitimate, supported by evidence despite doubts raised by the AO. The disallowance under Section 40A(3) for cash payments was deemed unjustified as the payments were made through self-cheques to agents. Additionally, the penalty under Section 271B for delayed audit report submission was deleted, considering the reasonable explanation provided by the assessee and the timely filing of the report before the assessment completion. Case-Laws Income Tax Wed, 23 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336759