https://www.taxtmi.com/caselaws?id=755679 ITAT Ahmedabad ruled in favor of the assessee, deleting penalty u/s 271(1)(c) for disallowances under Section 40A(3) and loading/unloading expenses. The tribunal held that mere disallowance does not constitute concealment or furnishing inaccurate particulars. The assessee had disclosed all payment particulars in the tax audit report and held bona fide belief regarding Section 40A(3) exceptions. The loading/unloading expense disallowance was ad-hoc, made due to verification difficulties with cash payments to small workers, not based on bogus expense findings. The appeal was allowed. en-us Mon, 15 Jul 2024 00:00:00 +0530 Tue, 16 Jul 2024 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755679 ITAT Ahmedabad ruled in favor of the assessee, deleting penalty u/s 271(1)(c) for disallowances under Section 40A(3) and loading/unloading expenses. The tribunal held that mere disallowance does not constitute concealment or furnishing inaccurate particulars. The assessee had disclosed all payment particulars in the tax audit report and held bona fide belief regarding Section 40A(3) exceptions. The loading/unloading expense disallowance was ad-hoc, made due to verification difficulties with cash payments to small workers, not based on bogus expense findings. The appeal was allowed. Case-Laws Income Tax Mon, 15 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755679