Section 271(1)(c) quashed as AO not specified the grounds for penalty 

Saraswati Dynamics Pvt Ltd Vs ACIT (ITAT Dehradun) Introduction: The Income Tax Appellate Tribunal (ITAT), Dehradun, recently pronounced an order in the case of Saraswati Dynamics Pvt Ltd Vs ACIT, addressing a pivotal matter concerning tax penalties. The Tribunal quashed the penalty imposed under Section 271(1)(c) of the Income Tax Act, holding that penalties could not be imposed  without specifying  as to whether penalty is proposed for alleged ‘concealment of income’ OR ‘furnishing of inaccurate particulars of such income. Analysis: The key issue in this case revolved around the im...