No Penalty if no inaccurate Reporting and no Concealment by Assessee

CIT Vs Standard Chartered Grindlays Pty Ltd (Delhi High Court) Introduction: The recent decision by the Delhi High Court in the case of CIT vs. Standard Chartered Grindlays Pty Ltd involves the condonation of delay and an appeal against the Income Tax Appellate Tribunal’s (ITAT) order dated 21.07.2020. The key contention is the imposition of a penalty under Section 271(1)(c) of the Income-tax Act, 1961, by the Assessing Officer (AO). 1. Delay Condonation: The appellant/revenue sought condonation of a delay of 400 days in re-filing the appeal. Despite the delay, the court decided to cons...