ITAT Delhi Quashes ₹20.33 Cr Penalty for Invalid Omnibus 271(1)(c) Notice

ACIT Vs PHI Seeds Pvt. Ltd. (ITAT Delhi) Omnibus 271(1)(c) Notice Without Specific Charge Held Invalid- ITAT Delhi Quashes ₹20.33 Cr Penalty for Defective Notice; Concealment vs. Inaccurate Particulars: ITAT Voids Penalty for Lack of Specificity in Notice Delhi ITAT dismissed Revenue’s appeals & upheld CIT(A)’s order deleting penalty of ₹20.33 crore imposed for A.Ys. 2008-09 & 2009-10, holding that the penalty notices issued u/s 271(1)(c) were invalid as they failed to specify whether the charge was for “concealment of income” or “furnishing inaccurate particulars.” In ...