Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owne...
Fraud classification show-cause notices founded on inconclusive forensic audit material cannot sustain action, permitting fresh proceedings on conclus...
Appellate enhancement limits protect against new income sources, while documented credits and prior-year investments resist unexplained-income additio...
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Initiation of penalty proceedings u/s 271C and the limitation period for levying such penalty. The key points are: The penalty proceedings were initiated on the date of receipt of the reference for penalty proceedings (25.09.2014) and not on the date of issuance of the show cause notice (04.08.2014). The reference marked the first step for initiating penalty action, while the show cause notice provided an opportunity to the assessee to explain. The word 'initiated' means to begin, commence, or set in motion, as per dictionary meanings cited. The Supreme Court decision in Om Prakash Jaiswal v. D.K. Mittal was referred to for interpreting the expression 'initiate any proceedings'. Since the penalty order was passed beyond the limitation period from the date of initiation (25.09.2014), it was barred by limitation. The High Court upheld the Tribunal's decision in favor of the assessee.
Initiation of penalty proceedings u/s 271C and the limitation period for levying such penalty. The key points are: The penalty proceedings were initiated on the date of receipt of the reference for penalty proceedings (25.09.2014) and not on the date of issuance of the show cause notice (04.08.2014). The reference marked the first step for initiating penalty action, while the show cause notice provided an opportunity to the assessee to explain. The word 'initiated' means to begin, commence, or set in motion, as per dictionary meanings cited. The Supreme Court decision in Om Prakash Jaiswal v. D.K. Mittal was referred to for interpreting the expression 'initiate any proceedings'. Since the penalty order was passed beyond the limitation period from the date of initiation (25.09.2014), it was barred by limitation. The High Court upheld the Tribunal's decision in favor of the assessee.
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