AO’s Failed to Strike Off Inapplicable Notice Portions: ITAT quashes Section 271(1)(c) Penalty

Ritu Multitrade Services Pvt. Ltd. Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai addressed an appeal filed by an assessee against an order of the Ld. CIT(A) which had confirmed a penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income-tax Act, 1961. The assessee contested the penalty of Rs. 10,46,312, arguing that the Ld. Commissioner of Income Tax (Appeals) had erred in upholding it without properly considering the facts of the case. The assessee also raised an additional legal ground, challenging the validity of the penalty notice itself. The ITA...