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 the contracts entered into with Airports Authority of India, contract for hardware repair support, contract for software ma...