https://www.taxtmi.com/caselaws?id=356726 The Tribunal ruled in favor of the assessee, setting aside the addition under section 40A(3) of the Income Tax Act, 1961, and deleting the penalty imposed under section 271B. The Tribunal found the cash payments genuine and necessary for business operations, noting that section 40A(3) aims to prevent bogus payments, not hinder genuine transactions. Additionally, the delay in submitting the audit report was deemed to be due to genuine circumstances without malafide intention. Consequently, the Tribunal allowed the appeals, overturning the decisions of the Assessing Officer and CIT(A). en-us Thu, 08 Mar 2018 00:00:00 +0530 Sat, 10 Mar 2018 06:57:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356726 The Tribunal ruled in favor of the assessee, setting aside the addition under section 40A(3) of the Income Tax Act, 1961, and deleting the penalty imposed under section 271B. The Tribunal found the cash payments genuine and necessary for business operations, noting that section 40A(3) aims to prevent bogus payments, not hinder genuine transactions. Additionally, the delay in submitting the audit report was deemed to be due to genuine circumstances without malafide intention. Consequently, the Tribunal allowed the appeals, overturning the decisions of the Assessing Officer and CIT(A). Case-Laws Income Tax Thu, 08 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356726