Dismissing the appeal of the revenue the Court held that; merely because expenditure is disallowed or claim was not accepted or was not acceptable to revenue, that by itself would not attract penalty . (AY. 1984-85)
CIT v. U.P. State Bridge Corporation Ltd. (2018) 258 Taxman 64( All) (HC) Editorial: SLP of revenue is dismissed ;CIT v. U.P. State Bridge Corporation Ltd. (2018) 258 Taxman 63 (SC)
S. 271(1)(c) :Penalty – Concealment –Disallowance of expenditure-merely because said claim was not accepted or was not acceptable to revenue, that by itself would not attract penalty.