ITAT exonerate assessee incurring huge losses from section 271(1)(b) penalty

Plaza Cable Industries Ltd. Vs DCIT (ITAT Delhi) The captioned appeal has been filed by the assessee against the order of the ld. CIT(A)-XVII, Delhi dated 26.12.2013 arising from the order passed by the Assessing Officer u/s. 271(1)(b) of the Income Tax Act dated 04.11.2011 concerning Assessment Year 2004-05. 2. As per the grounds of appeal, the assessee has challenged the imposition of penalty of Rs.10,000/- imposed by the Assessing Officer u/s. 271(1)(b) of the Act. 3. When the matter was called for hearing, the ld. counsel for the assessee pointed out that various notices listed in the pena...