https://www.taxtmi.com/caselaws?id=269776 The High Court upheld the cancellation of a penalty order under Section 271(1)(c) of the Income Tax Act for the assessment year 1986-87. The Assessing Officer's penalty, based on additions during assessment, was deemed time-barred as it was passed beyond the statutory limitation period outlined in Section 275 of the Act. The Court clarified that the penalty order must be issued within six months from the receipt of the appellate order, rejecting arguments for extensions due to the assessee's actions. Consequently, the Tribunal's decision to cancel the penalty was affirmed, and the appeal was dismissed in favor of the assessee. en-us Wed, 16 Dec 2015 00:00:00 +0530 Mon, 21 Dec 2015 16:25:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269776 The High Court upheld the cancellation of a penalty order under Section 271(1)(c) of the Income Tax Act for the assessment year 1986-87. The Assessing Officer's penalty, based on additions during assessment, was deemed time-barred as it was passed beyond the statutory limitation period outlined in Section 275 of the Act. The Court clarified that the penalty order must be issued within six months from the receipt of the appellate order, rejecting arguments for extensions due to the assessee's actions. Consequently, the Tribunal's decision to cancel the penalty was affirmed, and the appeal was dismissed in favor of the assessee. Case-Laws Income Tax Wed, 16 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269776