https://www.taxtmi.com/caselaws?id=118953 The case involved a dispute regarding the initiation and passing of penalty proceedings under section 271D of the Income-tax Act, 1961, and whether it complied with the limitation period prescribed in section 275 of the Act. The Tribunal ruled that the penalty proceedings were not initiated in accordance with the law as there were no pending proceedings related to the assessment year when the penalty notice was issued. Consequently, the Tribunal allowed the appeal of the assessee, leading to the quashing of the CIT (Appeals) order and the cancellation of the penalty proceedings by the Assessing Officer. en-us Wed, 20 Jul 2005 00:00:00 +0530 Fri, 06 Jul 2012 18:34:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118953 The case involved a dispute regarding the initiation and passing of penalty proceedings under section 271D of the Income-tax Act, 1961, and whether it complied with the limitation period prescribed in section 275 of the Act. The Tribunal ruled that the penalty proceedings were not initiated in accordance with the law as there were no pending proceedings related to the assessment year when the penalty notice was issued. Consequently, the Tribunal allowed the appeal of the assessee, leading to the quashing of the CIT (Appeals) order and the cancellation of the penalty proceedings by the Assessing Officer. Case-Laws Income Tax Wed, 20 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118953