Penalty u/s. 271(1)(c) without specifying limb of levy not sustainable: Delhi HC

PCIT Vs Gragerious Projects Pvt Ltd (Delhi High Court) Delhi High Court held that levy of penalty under section 271(1)(c) of the Income Tax Act without specifying the limb i.e. concealment of particulars of income or furnishing of inaccurate particulars of income not valid. Accordingly, penalty set aside. Facts- Revenue has preferred the present appeal mainly contesting that whether the ITAT was justified in deleting the penalty u/s. 271(1)(c) of the Income Tax Act, 1961 by ignoring the fact that the Assessee had claimed inaccurate expenses imposed by the Assessing Officer on the Assessing Co...