Defective Penalty Notice Invalidates Section 271(1)(c) Penalty: ITAT Delhi

Jayco Promoters & Developers Pvt. Ltd. Vs ITO (ITAT Delhi) Defective Penalty Notice Invalidates Section 271(1)(c) Penalty: ITAT Delhi Follows Jurisdictional High Court The Delhi Bench of the ITAT deleted the penalty levied under section 271(1)(c) for AY 2007-08 on the ground that the penalty notice issued under section 274 was fundamentally defective. The Tribunal found that the Assessing Officer failed to strike off the inapplicable portion in the notice and did not specify whether the penalty was being initiated for “concealment of income” or for “furnishing of inaccurate particula...