No section 271(1)(c) Penalty for mere claim of expense under different income head

DCIT Vs Metro Tyres Pvt. Ltd. (ITAT Delhi) The issue under consideration is whether the AO is correct in levying penalty u/s 271(1)(c) merely because the assessee claimed expenditure under a different head of income? In the present case, The assessee filed Return of Income. During the Income tax assessment AO rejected the return by holding that the expenses were claimed under a different head of income. Subsequently, the Assessing Officer initiated penalty proceedings u/s 271(1)(c). ITAT state that there is no concealment in the present case. The Assessee filed all the details during the regul...