https://www.taxtmi.com/caselaws?id=22349 Penalty for concealment under section 271(1)(c) cannot be sustained merely because a deduction claim is disallowed. The Tribunal found, on the material on record, that the assessee's claim for deduction of interest on loans did not amount to concealment of income, and that rejection of the claim alone was insufficient to justify penalty. On that basis, the cancellation of penalty was upheld and the reference was answered against the Revenue. en-us Wed, 17 Oct 1990 00:00:00 +0530 Wed, 09 Dec 2009 13:59:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22349 Penalty for concealment under section 271(1)(c) cannot be sustained merely because a deduction claim is disallowed. The Tribunal found, on the material on record, that the assessee's claim for deduction of interest on loans did not amount to concealment of income, and that rejection of the claim alone was insufficient to justify penalty. On that basis, the cancellation of penalty was upheld and the reference was answered against the Revenue. Case-Laws Income Tax Wed, 17 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22349