https://www.taxtmi.com/caselaws?id=334352 The Court held in favor of the Revenue and against the Assessee. It ruled that the initiation of penalty under Section 271B of the Income Tax Act need not occur during assessment proceedings. The Court clarified that the limitation period for penalty orders is either the end of the financial year in which proceedings are completed or six months from the initiation of penalty proceedings, whichever is later. The penalty orders passed on 30.10.1990 were deemed within the prescribed limitation period under Section 275(1)(c). en-us Mon, 26 Sep 2016 00:00:00 +0530 Thu, 10 Nov 2016 17:45:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334352 The Court held in favor of the Revenue and against the Assessee. It ruled that the initiation of penalty under Section 271B of the Income Tax Act need not occur during assessment proceedings. The Court clarified that the limitation period for penalty orders is either the end of the financial year in which proceedings are completed or six months from the initiation of penalty proceedings, whichever is later. The penalty orders passed on 30.10.1990 were deemed within the prescribed limitation period under Section 275(1)(c). Case-Laws Income Tax Mon, 26 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334352