Sec. 271(1)(c) of Income Tax Act, 1961 – Penalty – Revenue filed five appeals against different orders of the CIT(A), for the different A.Yrs. which are emanated from the orders of the levy of penalty passed by the AO u/s 271(1)(c) of the IT Act. ITAT dismissed all the appeals of the revenue observing that:- There is no evidence in this case to show that the assessee had understated the construction expenses in its accounts. The only basis for the addition in the assessment as well as for the levy of penalty is that furnished by the Department Valuer's estimated figure and a valuation estimate, without more, cannot justify a finding of concealment —ITO Vs. SHIHABUDEEN (A.)  [2020] 79 ITR (TRIB) 280 (ITAT–COCHIN)