Section 271(1)(c) Penalty Invalid as AO Failed to Specify Charge: ITAT Delhi

ZF Sterling Gear (India) Limited Vs DCIT (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal (ITAT), Delhi, arose from a penalty order dated 29.11.2023 passed by the Assessing Officer (AO) under Section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2014–15. The assessee challenged the order of the Commissioner of Income Tax (Appeals), which had upheld the penalty. Although multiple grounds were raised, the assessee primarily argued that the penalty was invalid as the AO failed to establish whether the case involved “concealment of income” or “furnishing inaccur...