Section 271(1)(c) Penalty notice invalid if basis not specified: Delhi HC

PCIT Vs Sahara India Life Insurance Company Ltd (Delhi High Court) In a recent ruling, the Delhi High Court dismissed four appeals filed by the Principal Commissioner of Income Tax (PCIT) against Sahara India Life Insurance Company Ltd. The appeals challenged a common order issued by the Income Tax Appellate Tribunal (ITAT) on October 31, 2018, pertaining to Assessment Years (AYs) 2004-2005, 2005-2006, 2008-2009, and 2010-2011. The core issues before the High Court involved the correct method for computing income for a life insurance business, the validity of re-assessment proceedings, and the...