Concealment penalty cannot be imposed merely on ground that Tribunal disallowed the expenditure

Penalty under section 271(1)(c) – Leviability-Expenditure claimed by assessee disallowed by Tribunal-Concealment penalty cannot be imposed merely on the ground that Tribunal disallowed the expenditure claimed by the assessee. (2011) 37 (I) ITCL 352 (Del-HC) CIT Vs. Krishna Maruti Ltd. Counsel: Mr Sanjeev Sabharwal, Adv., for the Appellant q Mr Piyush Kaushik, Adv. for the Respondent JUDGEMENT ITA Nos. 1935/2010, 1937/2010 & 1938/2010 The respondent assessee had claimed certain expenditure allowable as revenue expenditure. This claim of the assessee was disallowed i...