Section 270A Penalty Invalid Without Specific Charge; No Penalty on Bona Fide Debatable Claim: ITAT Delhi

Jagmohan Motors Pvt. Ltd. Vs ACIT (ITAT Delhi) Penalty under section 270A cannot be sustained where the penalty notice fails to specify the precise statutory charge under section 270A(9), and penalty is also not leviable on a bona fide claim involving a debatable issue of law: ITAT Delhi The ITAT Delhi allowed the assessee’s appeal and deleted the penalty imposed under Section 270A of the Income Tax Act for AY 2017-18. The assessment had originally resulted in additions, most of which were deleted in appeal, leaving only an addition relating to a claim of revenue loss on account of riot-rel...