Working capital adjustment, comparable selection and trade receivables interest were revisited in transfer pricing, with key additions deleted and rem...
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The ITAT allowed the appeal of the assessee, holding that the penalty order u/s 270A was barred by limitation prescribed u/s 275(1)(c). The Tribunal noted that penalty proceedings were initiated in December 2020, whether reckoned from the assessment order or from the penalty notice dated 08.12.2020. Consequently, the two possible limitation dates under s. 275(1)(c) were 31.03.2021 (end of the financial year) and 30.06.2021 (six months from the end of December 2020), with 30.06.2021 being the outer limit. As the penalty order was passed on 30.12.2021, it was held to be time-barred and without jurisdiction. The penalty was accordingly quashed, and the assessee's appeal was allowed in full.
The ITAT allowed the appeal of the assessee, holding that the penalty order u/s 270A was barred by limitation prescribed u/s 275(1)(c). The Tribunal noted that penalty proceedings were initiated in December 2020, whether reckoned from the assessment order or from the penalty notice dated 08.12.2020. Consequently, the two possible limitation dates under s. 275(1)(c) were 31.03.2021 (end of the financial year) and 30.06.2021 (six months from the end of December 2020), with 30.06.2021 being the outer limit. As the penalty order was passed on 30.12.2021, it was held to be time-barred and without jurisdiction. The penalty was accordingly quashed, and the assessee's appeal was allowed in full.
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