Disallowance of Expenditure is not Concealment of Income: ITAT deletes Penalty [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that mere disallowance of expenditure claimed in the return would not amount to ‘concealment of income’ for the purpose of imposing penalty under section 271(1)(C) of the income tax act. During the assessment proceedings, the assessee claimed deduction of deferred revenue expenditure of […]

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