Penalty u/s 271(1)(c) of Income Tax Act not imposable in absence of willful concealment

Vimal Oil & Foods Ltd Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that no penalty can be imposed u/s. 271(1)(c) of the Act on account of disallowance of expenses incurred for increase of authorized share capital since no penalty can be imposed when there was no willful concealment. Facts- During the course of assessment, AO observed that the assessee had increased the authorized share capital from Rs. 23 crores to Rs. 33 crores. The assessee had incurred expenditure of Rs. 5,01,000/- in connection with increase in authorized share capital. In the assessment proceedings, AO held that such ...