https://www.taxtmi.com/caselaws?id=328719 The ITAT dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the penalty under Section 271(1)(c) for inaccurate particulars and concealment of income. Additionally, the penalty order was deemed invalid due to being passed beyond the limitation period specified in Section 275(1)(a) of the Income Tax Act. The judgment highlighted the importance of clearly initiating penalty proceedings and complying with statutory time limits for imposing penalties. en-us Mon, 06 Jun 2016 00:00:00 +0530 Sat, 11 Jun 2016 11:56:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328719 The ITAT dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the penalty under Section 271(1)(c) for inaccurate particulars and concealment of income. Additionally, the penalty order was deemed invalid due to being passed beyond the limitation period specified in Section 275(1)(a) of the Income Tax Act. The judgment highlighted the importance of clearly initiating penalty proceedings and complying with statutory time limits for imposing penalties. Case-Laws Income Tax Mon, 06 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328719