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2014 (4) TMI 627 - AT - Income TaxBar of limitation - Validity of the penalty order passed u/s 271B of the Act Held that:- The penalty proceedings have been initiated on 06.10.2003 and also again on 09.02.2004 - But the penalty order has been passed only after 03.03.2006 the penalty order is barred by limitation Even if, it is considered for a moment that the provisions of clause (a) is applicable, then also the order is barred by limitation - it was passed after expiry of about one year from the date of the order of CIT(A) the contention of the assessee that it is barred by limitation is accepted thus, the order of the CIT(A) set aside and the penalty u/s 271B of the Act deleted Decided in favour of Assessee.
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