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2012 (2) TMI 280 - HC - Income TaxPenalty u/s 271-B – failure to get accounts audited u/s 44AB - A.Y. 2000-01 to 2003-04 – Tribunal deleted the penalty on ground that penalty proceedings having been initiated long after the completion of the assessment – Held that:- In the given case, penalty proceedings for the A.Y. 2000-01, 2001-02, 2002-03 & 2003-04 were initiated after the period of more than 4.5, 3.5, 2.5 & 1.5 years respectively after the completion of assessment. Therefore in wake of Section 275(1)(c), no penalty can be imposed – Decided against the Revenue.
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