https://www.taxtmi.com/caselaws?id=208984 Penalty for concealment cannot be sustained unless the Revenue establishes concealment of income or furnishing of inaccurate particulars. Where the assessee had disclosed the relevant facts and the additions arose from a debatable claim, including disputes on the correct head of income, depreciation, and valuation, the absence of deliberate misstatement meant section 271(1)(c) was not attracted. Mere rejection of the claim or disallowance of expenditure was insufficient to justify concealment penalty, so the deletion of penalty was upheld. en-us Tue, 08 Feb 2011 00:00:00 +0530 Thu, 01 Aug 2013 18:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208984 Penalty for concealment cannot be sustained unless the Revenue establishes concealment of income or furnishing of inaccurate particulars. Where the assessee had disclosed the relevant facts and the additions arose from a debatable claim, including disputes on the correct head of income, depreciation, and valuation, the absence of deliberate misstatement meant section 271(1)(c) was not attracted. Mere rejection of the claim or disallowance of expenditure was insufficient to justify concealment penalty, so the deletion of penalty was upheld. Case-Laws Income Tax Tue, 08 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208984