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Limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961

Income Tax - 10/2016 - Dated:- 26-4-2016 - CIRCULAR NO 10/2016 F.No.279/Misc./M-140/2015-ITJ GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES New Delhi, 26th April, 2016 Subject:- reg. The issue whether the .....

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he Hon'ble Delhi High Court in the case of Commissioner of Income Tax vs. Worldwide Township Projects Ltd, vide its order dated 21.5.14 in ITA No. 232/2014, considered the issue and observed that, "It is well settled that a penalty under thi .....

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income that may be assessed or finally adjudicated. In this view Section 275(1)(a) of the Act would not be applicable and the provisions of Section 275(1)(c) would be attracted. "The judgment has been accepted by the Central Board of Direct Tax .....

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