Issue relating to deletion of penalty levied u/s 271(1)(c) of the Income tax Act, 1961

Last updated: 11 September 2021
Quick Summary
The Income Tax Appellate Tribunal has dismissed appeals filed by the Revenue concerning penalties levied on Housing & Urban Development Corporation Ltd (HUDCO). The penalties, amounting to over Rs 3.81 crore for AY 2006-07 and over Rs 2.58 crore for AY 2007-08, were levied under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found merit in HUDCO's arguments, noting that penalties on identical facts for other assessment years had also been deleted.

Court :
ITAT Delhi

Brief :
The above two separate appeals by the Revenue are preferred against the order of the Commissioner of Income Tax [Appeals] - 35, New Delhi dated 15.12.2017 pertaining to Assessment Years 2006-07 and 2007-08 respectively.

Citation :
ITA No. 2001/DEL/2018 [A.Y 2006-07]

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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

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