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2005 (7) TMI 53 - HC - Income TaxPenalty - "1. Whether Tribunal was legally justified in upholding the finding of the Commissioner of Income-tax (Appeals) that the penalty order under section 271(1)(c) had been passed after the expiry of the limitation period stipulated under section 275 of the Income-tax Act, 1961?" - We do not find any error in the view taken by the Commissioner of Income-tax (Appeals) and the Tribunal. Pleading of learned standing counsel that the income was finally determined at Rs. 92,300 on January 17, 1986, and from this date penalty order was within time cannot be accepted. On March 27,1986, no assessment order has been passed and only income has been recalculated to give effect to the order of the Tribunal granting relief to the assessee, thus limitation cannot be counted from January 27, 1986 – question is answered in the affirmative, i.e., in favour of the assessee and against the Revenue.
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