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2018 (7) TMI 1251 - ITAT DELHIPenalties u/s 271D and 271E - period of limitation - penalty imposed in a wrong assessment year - Held that:- From the records, it is undisputedly established that the Assessing officer was very well aware about the receipt of alleged loan in cash during the Assessment Years 2004-05 and 2002-03 and the repayment of the loan and but had wrongly initiated the earlier penalty proceedings for A.Y. 2005-06. The Assessment order was passed on 5.10.2007 and the penalties were initiated by the then Additional CIT on 15.11.2010 and the penalty orders were passed on 19.05.2011 and, thus, the imposition of the penalties in the first round was time-barred. The second round of penalty proceedings was initiated on 06/08/2014 after the dismissal of the department’s appeals by the ITAT on the ground that the penalties had been imposed in a wrong assessment year. It is very much evident that the present penalty orders were passed beyond the period of limitation and as such the same are not sustainable. A perusal of the orders of the Ld. CIT (A) also shows that the Ld. CIT (A) has reached the conclusion after examining the entire factual matrix of the case and these findings of the CIT (A) remain unconverted. The Ld. Sr. Departmental Representative was also unable to point out any factual inaccuracy in the findings as recorded by the Ld. CIT (A) in the impugned orders. - Decided against revenue
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