Specification of Charge of penalty is an important factor while deciding the matters in litigation

Ganga Iron & Steel Trading Co. Vs CIT (Bombay High Court) Specification of Charge of penalty under section 271(1)(c) is an important factor while deciding the matters in litigation- Ganga Iron and Steel Trading Co. v Commissioner of Income Tax dated 22.12.2021 , 447 ITR 743 (Bom.) It is the experience of the author that penalty proceedings are initiated as a ritual and in a routine manner. Whenever any type of addition is made upto the AY 2016­17 penalty proceedings were mainly governed by section 271(1)(c). After that section 270A replacing section 271(1)(c). Under section 271(1)(c), pen...