https://www.taxtmi.com/caselaws?id=778757 ITAT allowed the appeal and set aside penalties under section 271(1)(c). Penalty relating to claimed depreciation on goodwill was deleted because the appellate authorities decided the substantive addition in favour of the taxpayer. Penalty on disallowances under section 40A(3) was also deleted after finding payees identified and transactions genuine, making the penalty unsustainable. Overall, the penalties contested were removed and the appeal was allowed by the ITAT. en-us Wed, 17 Sep 2025 00:00:00 +0530 Mon, 22 Sep 2025 08:33:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778757 ITAT allowed the appeal and set aside penalties under section 271(1)(c). Penalty relating to claimed depreciation on goodwill was deleted because the appellate authorities decided the substantive addition in favour of the taxpayer. Penalty on disallowances under section 40A(3) was also deleted after finding payees identified and transactions genuine, making the penalty unsustainable. Overall, the penalties contested were removed and the appeal was allowed by the ITAT. Case-Laws Income Tax Wed, 17 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778757