https://www.taxtmi.com/caselaws?id=405714 The ITAT Delhi set aside the penalty imposed under section 271(1)(c) of the Income Tax Act on the assessee, a trading company declaring a loss for the Assessment Year 2012-13. The ITAT emphasized the necessity for the Assessing Officer to specify whether the penalty was for concealment of income or furnishing inaccurate particulars, citing a lack of specificity in the penalty notice. Relying on precedent, including the Sahara India Life Insurance Co. Ltd. case, the ITAT concluded that the penalty order was invalid due to procedural flaws, ultimately ruling in favor of the assessee and overturning the penalty. en-us Tue, 16 Feb 2021 00:00:00 +0530 Fri, 26 Mar 2021 08:48:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405714 The ITAT Delhi set aside the penalty imposed under section 271(1)(c) of the Income Tax Act on the assessee, a trading company declaring a loss for the Assessment Year 2012-13. The ITAT emphasized the necessity for the Assessing Officer to specify whether the penalty was for concealment of income or furnishing inaccurate particulars, citing a lack of specificity in the penalty notice. Relying on precedent, including the Sahara India Life Insurance Co. Ltd. case, the ITAT concluded that the penalty order was invalid due to procedural flaws, ultimately ruling in favor of the assessee and overturning the penalty. Case-Laws Income Tax Tue, 16 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405714