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2007 (9) TMI 213 - BOMBAY HIGH COURT
Penalty proceedings arose out of assessment order – assessment order given on March 30,1999 – consequently, October 29, 1999 would be the last date of period of limitation to pass penalty order – order imposing penalty passed on March 13, 2000 is time barred – since impugned appeal involve a question of law regarding interpretation of sec. 275(1)(c), about the computation of limitation period, it is maintainable in view of exceptions given in circular 2/05