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2015 (7) TMI 746 - DELHI HIGH COURT

2015 (7) TMI 746 - DELHI HIGH COURT - TMI - Penalty proceedings under Section 271(1)(c)- ITAT held that the order of the AO does not spell out the reasons for levying of penalty - Held that:- The Court is not inclined to interfere with the impugned order of the ITAT. The fact that the Assessee company was under liquidation at the time the penalty proceedings was initiated, is not in dispute. It is also noted by the ITAT in the impugned order that the Assessee was not undertaking any business fro .....

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come Tax Appellate Tribunal ('ITAT') in ITA No. 1036/Del/2013 for the Assessment Year. 2. This appeal arises out of a penalty proceedings under Section 271(1)(c) of the Income Tax Act, 1961 ('Act') initiated against the Respondent Assessee company pursuant to the assessment order passed on 10th February 2000. Soon thereafter on 23rd February 2000, the Board of Industrial and Financial Reconstruction ('BIFR') ordered the winding up of the Assessee company. The High Court a .....

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