https://www.taxtmi.com/caselaws?id=210799 The High Court upheld the Income Tax Appellate Tribunal's decision to delete penalties under Section 271-B for the assessment years 2000-01 to 2003-04. The Court emphasized that penalty initiation after specific time frames as per Section 275 of the Income Tax Act renders penalties invalid. As penalty proceedings for the mentioned years were initiated well beyond the prescribed time limits, the High Court affirmed the Tribunal's decision to delete the penalties. The Court dismissed the revenue's appeals and closed the connected matters without costs. en-us Mon, 06 Feb 2012 00:00:00 +0530 Tue, 21 Feb 2012 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210799 The High Court upheld the Income Tax Appellate Tribunal's decision to delete penalties under Section 271-B for the assessment years 2000-01 to 2003-04. The Court emphasized that penalty initiation after specific time frames as per Section 275 of the Income Tax Act renders penalties invalid. As penalty proceedings for the mentioned years were initiated well beyond the prescribed time limits, the High Court affirmed the Tribunal's decision to delete the penalties. The Court dismissed the revenue's appeals and closed the connected matters without costs. Case-Laws Income Tax Mon, 06 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210799