The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has deleted penalty levied under Section 271(1)(c) of the Income-tax Act, reiterating that mere disallowance of a claim—without any finding of concealment or furnishing of inaccurate particulars—cannot justify imposition of penalty. The bench of Dr. B.R.R. Kumar (Vice-President) and Suchitra Kamble (Judicial Member) placed reliance on the…