Penalty based on order passed in cursory & summary manner not sustainable

Hon’ble Delhi ITAT has in the case of M/s. Fortune Ploymers Industries Pvt.Ltd. vs. DCIT, has held that Penalty u/s 271(1)(c) cannot be imposed on an un-detailed assessment order passed in a cursory and summary manner . Facts in brief:- The assessee is a company incorporated in July, 1988. It was engaged in the business of manufacturing of PVC Water Storage Tanks. The manufacturing facility was constituted at Plot no.6B, Site B, Surajpur,Greater Noida, U.P. The company was financed by U.P. Financial Corporation (hereinafter called UPFC) and Pradeshiya Industrial and Investment Corporatio...