Abbott Cold Storages Pvt. Ltd. vs ACIT

Authority: ITAT Tribunal/Court: Delhi Date: 2021-03-23 AY: 2010-11 Section: 271(l)(c), 274, 271 Acts: Income Tax Act 1961 Result: Assessee Citation: 321Taxpundit1276 Justices: R.K. PANDA AM & SUCHITRA KAMBLE JM Appeal No: I.T.A. No. 5819/DEL/2014
Whether penalty u/s 271(1)(c) can be levied for disallowance of Rs. 10,00,000 claimed as revenue loss on forfeited land advance and Rs. 1,44,418 claimed as wealth-tax liability, based on bonafide belief --- Held No. Whether penalty notice u/s 274 r.w.s. 271(1)(c) without specifying exact charge is valid --- Held No.

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