Section 271(1)(c) Penalty Quashed as No Satisfaction Recorded for PF Disallowance: ITAT Delhi

BSC C & C Joint Venture Vs ACIT/DCIT (ITAT Delhi) Delhi ITAT Quashes Section 271(1)(c) Penalty for PF Disallowance as No Satisfaction Was Recorded in Assessment Order The Delhi Bench of the ITAT, in BSC C & C Joint Venture v. ACIT/DCIT (AY 2016-17), held that a penalty under section 271(1)(c) cannot be sustained where the Assessing Officer failed to record satisfaction in the assessment order with respect to the specific addition on which the penalty was ultimately levied. Accordingly, the Tribunal quashed the penalty imposed on the disallowance of employees’ contribution to Prov...