Section 271(1)(c) penalty unjustified without Income Concealment or Inaccurate Particulars

DCIT Vs Raytheon Company (ITAT Delhi)

ITAT Delhi held that imposition of penalty u/s. 271(1)(c) of the Income Tax Act unsustainable in absence of any concealment of income or furnishing inaccurate particulars of income by the assessee.

Facts- The assessee filed returns of income declaring Nil incomeand the assessments were completed u/s 143(3) r.w.s. 144C of the Act bringing to tax the amounts received by the assessee towards supply of spares contract and rotary joints on

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