Section 271(1)(c) Penalty Notices Without Specific Limb Quashed: Delhi HC

CIT Vs Corteva Agriscience Pvt. Ltd (Delhi High Court) Delhi High Court, in the consolidated appeals of CIT vs Corteva Agriscience Pvt. Ltd. (formerly M/s PHI Seeds Private Limited), has dismissed the appeals filed by the Income Tax Department (Revenue) and ruled in favour of the assessee. The central issue before the Court was the validity of the penalty imposed on the company under Section 271(1)(c) of the Income Tax Act, 1961 (the Act), with the Court affirming the Income Tax Appellate Tribunal’s (ITAT) decision to quash the penalties. Background of the Case The dispute involved fou...