https://www.taxtmi.com/caselaws?id=268197 The Tribunal dismissed the Revenue's appeal and allowed the assessee's Cross Objection. It held that the penalty order was time-barred under section 275(1)(c) of the Income Tax Act as it exceeded the six-month limit from the initiation of penalty proceedings. Additionally, the Tribunal found that the transactions between the firm and its partner did not fall under the penalty provisions of sections 269SS or 269T, as they were related to the partner's capital account and not loans. en-us Fri, 23 Jan 2015 00:00:00 +0530 Sat, 21 Nov 2015 12:46:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268197 The Tribunal dismissed the Revenue's appeal and allowed the assessee's Cross Objection. It held that the penalty order was time-barred under section 275(1)(c) of the Income Tax Act as it exceeded the six-month limit from the initiation of penalty proceedings. Additionally, the Tribunal found that the transactions between the firm and its partner did not fall under the penalty provisions of sections 269SS or 269T, as they were related to the partner's capital account and not loans. Case-Laws Income Tax Fri, 23 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268197