https://www.taxtmi.com/caselaws?id=213059 The High Court dismissed the appeal, ruling that the Revenue's action under Section 201 of the Income Tax Act was time-barred as it exceeded the reasonable four-year limitation period for initiating proceedings. The Tribunal's decision, supported by a previous Delhi High Court judgment, emphasized the need for timely exercise of power under Section 201. The Court concurred, stating that the Revenue's claim for penalties and interest was invalid due to the delay in issuing notices beyond the prescribed time limit. en-us Tue, 24 Apr 2012 00:00:00 +0530 Sat, 05 May 2012 10:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213059 The High Court dismissed the appeal, ruling that the Revenue's action under Section 201 of the Income Tax Act was time-barred as it exceeded the reasonable four-year limitation period for initiating proceedings. The Tribunal's decision, supported by a previous Delhi High Court judgment, emphasized the need for timely exercise of power under Section 201. The Court concurred, stating that the Revenue's claim for penalties and interest was invalid due to the delay in issuing notices beyond the prescribed time limit. Case-Laws Income Tax Tue, 24 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213059