ITAT Delhi Deletes Section 271(1)(c) Penalty as Notice Lacked Specific Charge

DCIT Vs Akc Retailers Private Limited (ITAT Delhi) The Delhi ITAT dismissed the Revenue’s appeal and upheld the order of the CIT(A) deleting a penalty of ₹1,10,49,260 imposed under Section 271(1)(c) of the Income-tax Act for Assessment Year 2015-16. The Assessing Officer had levied the penalty on the ground that the assessee had furnished inaccurate particulars of income. However, during the hearing, the assessee raised a legal objection that the penalty show-cause notice issued under Sections 271(1)(c) and 274 dated 15 December 2017 did not specify the particular charge or limb under whic...