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2018 (5) TMI 1593 - AT - Income TaxPenalty levied u/s 271E - Genuineness of the loan transactions - period of limitation - last date for imposition of penalty - Held that:- The order of reassessment was not subject matter of revision proceedings u/s 263 or 264 of the Act. Hence the assessee’s case squarely falls under clause (c ) of section 275(1). In this case, penalty could be imposed on or before 30.11.2011 or on or before 31.3.2012 whichever is later. The later period is 31.3.2012. Hence the last date for imposition of penalty u/s 275(1)(c ) of the Act is 31.3.2012. In the instant case, even the first show cause notice (ie wrong notice u/s 271D of the Act ) was issued on 5.12.2012 which itself is barred by limitation. Hence we hold that the CIT-A had rightly deleted the penalty u/s 271E of the Act as barred by limitation. See CIT vs Narayani and Sons (P) Ltd - 2016 (9) TMI 449 (Calcutta High Court) - Decided in favour of assessee
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