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

Last updated: 11 September 2021

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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)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

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Attached File : 1442821_4388_1630655664_2001__2002_housing__urban_d.pdf

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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