Section 271(1)(c) Penalty Quashed by ITAT Hyderabad

Quick Summary

The Income Tax Appellate Tribunal (ITAT) Hyderabad has overturned a penalty of over £200,000 imposed on M/s. Radical Bio Organics Limited. The penalty, levied under Section 271(1)(c) of the Income Tax Act, was deemed unsustainable in law. This decision was based on the Assessing Officer's failure to specify whether the assessee had concealed income or provided inaccurate particulars, a requirement highlighted by High Court precedents.

Court :
ITAT Hyderabad

Brief :
This assessee’s appeal for AY.2013-14 arises from the CIT(A)-3, Hyderabad’s order dated 24.08.2017 passed in case No.0533/ITO 3(2)/Hyd/CIT(A)-3/16-17, involving proceedings u/s. 271(1)(c) of the Income Tax Act, 1961 [in short, ‘the Act’].

Citation :
ITA No.1633/Hyd/2018

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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Imposing Section 271(1)(c) of the Income Tax Act

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Imposing Section 271(1)(c) of the Income Tax Act

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