Delhi ITAT Quashes Omnibus Penalty Notice & Time-Barred Reopening

ACIT Vs Sahara India Commercial Corporation Limited (ITAT Delhi) Omnibus Penalty Notice & time-barred reopening sink Revenue’s case; Penalty Notices without specific charge is Vague – Borrowed Investigation Report & Defective Notice Doom Revenue Appeals – Time-barred reopening quashed Delhi ITAT has deleted substantial penalties u/s 271(1)(c) & struck down a reassessment initiated beyond four years, holding both actions to be legally unsustainable. The matter involved multiple years where the Revenue’s appeals & Assessee’s cross objections were heard together...