Section 271(1)(c) Penalty Invalidated Due to AO’s Failure to Specify Exact Charge

Lyka Labs Limited Vs DCIT (ITAT Mumbai) In the matter of Lyka Labs Limited vs. DCIT, the Income Tax Appellate Tribunal (ITAT) Mumbai dealt with appeals concerning penalties levied under Section 271(1)(c) of the Income Tax Act, 1961, for Assessment Years 2010-11, 2011-12, and 2014-15. The assessee, a pharmaceutical manufacturer, challenged the orders passed by the Commissioner of Income Tax (Appeals) under Section 250, arguing that the penalty notices issued under Section 274 read with Section 271(1)(c) were defective. Specifically, the notices failed to specify whether the penalty was for conc...