ITAT Mumbai Sustained Section 271(1)(c) Penalty for Unsubstantiated Expense Claims

Classic Share & Stock Broking Services Limited Vs DCIT (ITAT Mumbai) The appeal before the Income Tax Appellate Tribunal, Mumbai arose from an order of the National Faceless Appeal Centre confirming the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961, for AY 2012-13. The assessee challenged the penalty primarily on the ground that the notice issued under section 274 read with section 271(1)(c) was a printed notice which did not specify whether the penalty was for concealment of income or for furnishing inaccurate particulars, alleging non-application of mind. At the out...