Notice u/s 274 fails to specify the Reason for Imposition of Penalty: ITAT deletes Penalty u/s 271(c)(1) [Read Order]

Notice - ITAT - Penalty - taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi Bench has held that notice under section 274 fails to specify the reason for the imposition of penalty and deletes the penalty imposed under section 271(c)(1). The appellant, Aimil Pharmaceuticals (I) Ltd filed its return declaring income at Nil. The Assessing officer completed the scrutiny assessment under section…

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