https://www.taxtmi.com/caselaws?id=62719 The Tribunal ruled in favor of the assessee, finding that the penalty imposed under s. 272A(2)(c) of the IT Act for failure to deduct TDS and file Form No. 27A was time-barred. The Tribunal held that the penalty should have been levied within a specific timeframe from the end of the financial year in which the default occurred. As the penalty was imposed after the prescribed period, it was deemed barred by limitation. Therefore, the Tribunal annulled the penalty order, setting aside the CIT(A)'s decision and ultimately deleting the penalty. en-us Tue, 28 Oct 2003 00:00:00 +0530 Fri, 21 Jan 2011 12:57:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62719 The Tribunal ruled in favor of the assessee, finding that the penalty imposed under s. 272A(2)(c) of the IT Act for failure to deduct TDS and file Form No. 27A was time-barred. The Tribunal held that the penalty should have been levied within a specific timeframe from the end of the financial year in which the default occurred. As the penalty was imposed after the prescribed period, it was deemed barred by limitation. Therefore, the Tribunal annulled the penalty order, setting aside the CIT(A)'s decision and ultimately deleting the penalty. Case-Laws Income Tax Tue, 28 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62719