TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Delhi High Court Clarifies Limitation Period for Penalties u/ss 271D and 271E of Income Tax Act.</h1> The circular clarifies the limitation period for penalty proceedings under sections 271D and 271E of the Income Tax Act, 1961, which deal with penalties for accepting loans or deposits above the prescribed limit through non-banking channels. The Delhi High Court ruled that these penalties are independent of income assessment, and the limitation is governed by section 275(1)(c) of the Act. This means the penalty must be imposed by the end of the financial year in which the proceedings are completed, or within six months from the penalty initiation, whichever is later. The Central Board of Direct Taxes has accepted this interpretation, advising against filing appeals on this matter.
TaxTMI 
TaxTMI 
