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2009 (4) TMI 170 - HC - Central ExciseInitiation of penalty proceedings – time limit – held that - It is conceded position that proceedings against the respondent-assessee for imposing penalty were initiated after the expiry of period of five years. Although there is no statutory period of limitation yet reasonable period of limitation for initiating proceedings is five years - Hon’ble the Supreme Court in the case of State of Punjab v. Bhatinda District Cooperative Milk Producers Union Ltd has held that if no provision is made regarding period of limitation for exercising revisional jurisdiction under the Punjab General Sales Tax Act, 1948, then maximum period of five years is regarded as reasonable period
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