https://www.taxtmi.com/caselaws?id=450944 The ITAT Delhi allowed the assessee's appeal against penalty u/s 271(1)(c). The AO had imposed penalty for concealment of income after making additions on estimate basis by disallowing 10% of expenses. The ITAT held that mere disallowance of expenses without evidence of mala fide intent does not justify penalty. The AO accepted declared income but disallowed expenses based on estimation, which does not constitute concealment of income particulars. The CIT(A) failed to address the assessee's contention that penalty was assured not to be levied if quantum appeal was withdrawn. en-us Thu, 14 Mar 2024 00:00:00 +0530 Fri, 15 Mar 2024 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450944 The ITAT Delhi allowed the assessee's appeal against penalty u/s 271(1)(c). The AO had imposed penalty for concealment of income after making additions on estimate basis by disallowing 10% of expenses. The ITAT held that mere disallowance of expenses without evidence of mala fide intent does not justify penalty. The AO accepted declared income but disallowed expenses based on estimation, which does not constitute concealment of income particulars. The CIT(A) failed to address the assessee's contention that penalty was assured not to be levied if quantum appeal was withdrawn. Case-Laws Income Tax Thu, 14 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450944