Section 271(1)(c) Penalty not imposable on Estimated Bogus Purchase Addition

Supertech Construction Company Vs ACIT (ITAT Mumbai) Case Overview: The case involves an appeal against the order of the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, relating to the Assessment Year 2009-10. The Assessing Officer (AO) had imposed a penalty under Section 271(1)(c) of the Income Tax Act, 1961, which the appellant contested. Grounds of Appeal: The appellant raised two key grounds of appeal: Validity of Penalty Notice: The appellant argued that the penalty notice issued under Section 271(1)(c) was defective as it did not specify whether ...