https://www.taxtmi.com/caselaws?id=4172 The High Court dismissed the Tax Appeal, upholding the decision of the Income Tax Appellate Tribunal to cancel the penalty under Section 271-D of the Income Tax Act. The judgment focused on the computation of the limitation period for imposing penalties, emphasizing the completion of assessment proceedings as the outer limit. It also clarified the prospective application of circular No.2 of 2005 on appeal limits under Section 260-A of the Act. The order imposing penalty exceeded the permissible limitation period, leading to the dismissal of the appeal. en-us Fri, 28 Sep 2007 00:00:00 +0530 Sat, 26 Jul 2008 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4172 The High Court dismissed the Tax Appeal, upholding the decision of the Income Tax Appellate Tribunal to cancel the penalty under Section 271-D of the Income Tax Act. The judgment focused on the computation of the limitation period for imposing penalties, emphasizing the completion of assessment proceedings as the outer limit. It also clarified the prospective application of circular No.2 of 2005 on appeal limits under Section 260-A of the Act. The order imposing penalty exceeded the permissible limitation period, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 28 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4172