ITAT Deletes Sections 270A & 271AAB Penalty as Notice Lacked Specific Charge

Jaina Marketing & Associates Vs DCIT (ITAT Delhi) The appeals before the Income Tax Appellate Tribunal (ITAT), Delhi, arose from orders of the Commissioner of Income Tax (Appeals) confirming penalties imposed under Sections 270A and 271AAB of the Income-tax Act, 1961 for Assessment Years 2017-18, 2018-19, and 2019-20. The Tribunal heard all three appeals together as they involved a common assessee and similar legal issues. Background of the case: The assessee, a partnership firm engaged in trading and distribution of mobile phones and accessories, was subjected to a search and seizure oper...