ITAT deletes section 271(1)(c) penalty on section 40A(3) additions

Lakhwinder Singh Panag Vs ITO (ITAT Chandigarh) A perusal of the record shows that in the quantum proceedings the explanation of the assessee that addition u/s 40A(3) on facts was not warranted, was rejected. The addition stood made. The issue was carried in appeal before the CIT(A) who also confirmed the addition by his order dated 16.10.2017 (in Appeal No.249/2/15-16). The assessee did not further agitate against the addition made in the quantum proceedings. The record shows that the assessee has claimed that some payments were made on a Sunday i.e. 31st March, 2013. It has also been observe...