Section 271(1)(c) Penalty Quashed as Wrong Claim Alone Is Not Concealment: ITAT Rajkot

Pardes Dehydration CO HUF Vs ITO (ITAT Rajkot) In this case before the Income Tax Appellate Tribunal, the assessee challenged the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, dated 29.10.2025, which had upheld a penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2010-11. The assessee, a Hindu Undivided Family engaged in the business of import and export of dehydrated vegetables, fruits, food, grains, and other commodities, had filed its return of income on 30.09.2010 declaring total income of Rs. 11,05,035. Asse...