If addition itself Set aside, there cannot be penalty for concealment

The disallowance made by the Assessing Officer and sustained by the learned CIT(A) was challenged by the assessee before the ITAT in an appeal. The ITAT has decided the said appeal in favour of the assessee. Therefore, at present, when the addition itself has been set aside, there cannot be any case for levy of penalty for concealment of income. INCOME TAX APPELLATE TRIBUNAL, DELHI ITA No.3989/Del/2011 Assessment Year: 2005-06 Deputy Commissioner of Income Tax Vs. M/s CNB Finwiz Limited ORDER PER G.D.AGRAWAL, VP: This appeal by the Revenue is directed against the order of lea...