TMI Blog2012 (2) TMI 280X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Tax Case (Appeal) Nos. 564 to 567 of 2011 - - - Dated:- 6-2-2012 - MR.JUSTICE D.MURUGESAN, MR.JUSTICE P.P.S.JANARTHANA RAJA, JJ. O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Likewise, it filed return of income on 30.10.2001 for the assessment year 2001-02, for the assessment year 2002-03 it filed return of income on 29.11.2002 and for the assessment year 2003-04, it filed return of income on 27.11.2003. On the ground that the assessee had not filed audit report as required under Section 44AB of the Income Tax Act and the reasons furnished for non compliance was not c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). 3. We have heard the learned counsel for the appellant. 4. Section 275 of the Income Tax Act contemplates certain contingencies wherein no order imposing a penalty under Chapter XXI of the Act shall be passed. Section 275 (1) (c) of the Act makes the provision clear that in any other case, after the expiry of the financial year in which the proceedings, in the course of which action for t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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