https://www.taxtmi.com/caselaws?id=752240 Penalty for concealment was not sustainable where the addition stemmed only from a disallowance under section 40A(3) and did not, by itself, prove concealment of income. The assessee's conduct was not found contumacious, and the mere operation of a deeming disallowance was held insufficient to attract section 271(1)(c). Penalty was therefore deleted in favour of the assessee. en-us Fri, 03 May 2024 00:00:00 +0530 Sat, 04 May 2024 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752240 Penalty for concealment was not sustainable where the addition stemmed only from a disallowance under section 40A(3) and did not, by itself, prove concealment of income. The assessee's conduct was not found contumacious, and the mere operation of a deeming disallowance was held insufficient to attract section 271(1)(c). Penalty was therefore deleted in favour of the assessee. Case-Laws Income Tax Fri, 03 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752240