https://www.taxtmi.com/caselaws?id=339381 The ITAT dismissed the appeal regarding the disallowance of expenses in the quantum assessment for AY 2009-10, as the appellant conceded to the disallowance without prejudice. However, the ITAT allowed the appeal concerning the penalty under Section 271(1)(c) of the Income Tax Act, highlighting that the disallowance of expenses did not amount to concealment of income. The penalty was deleted as it was found that there was no willful evasion or concealment on the part of the appellant, emphasizing the distinction between assessment and penalty proceedings. en-us Wed, 01 Feb 2017 00:00:00 +0530 Mon, 08 Aug 2022 15:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339381 The ITAT dismissed the appeal regarding the disallowance of expenses in the quantum assessment for AY 2009-10, as the appellant conceded to the disallowance without prejudice. However, the ITAT allowed the appeal concerning the penalty under Section 271(1)(c) of the Income Tax Act, highlighting that the disallowance of expenses did not amount to concealment of income. The penalty was deleted as it was found that there was no willful evasion or concealment on the part of the appellant, emphasizing the distinction between assessment and penalty proceedings. Case-Laws Income Tax Wed, 01 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339381