https://www.taxtmi.com/caselaws?id=68751 The ITAT Lucknow dismissed both appeals by the Revenue, upholding the CIT(A)'s decisions to cancel penalties under s. 271B for the assessment years 1987-88 and 1989-90. The penalties were deemed imposed beyond the limitation period as per s. 275 of the Act, as they were initiated in 2001, exceeding the prescribed timeline of six months from the initiation of penalty action. Therefore, the penalties were canceled, and the Revenue's appeals were dismissed. en-us Mon, 12 Jul 2004 00:00:00 +0530 Fri, 01 Apr 2011 12:36:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68751 The ITAT Lucknow dismissed both appeals by the Revenue, upholding the CIT(A)'s decisions to cancel penalties under s. 271B for the assessment years 1987-88 and 1989-90. The penalties were deemed imposed beyond the limitation period as per s. 275 of the Act, as they were initiated in 2001, exceeding the prescribed timeline of six months from the initiation of penalty action. Therefore, the penalties were canceled, and the Revenue's appeals were dismissed. Case-Laws Income Tax Mon, 12 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68751