https://www.taxtmi.com/caselaws?id=343865 The Tribunal allowed the appeals filed by the assessee against the penalty imposed under Sec.271D for accepting cash loans exceeding Rs. 20,000, citing that the penalty order issued by the Addl. Commissioner of Income Tax was barred by limitation. The Tribunal relied on judicial precedents emphasizing that the time limit for penalty proceedings should commence from the date of the show cause notice issued by the Assessing Officer, rejecting the Revenue's argument based on a Circular issued by the CBDT. Consequently, the penalty order was quashed, ruling in favor of the assessee. en-us Thu, 01 Jun 2017 00:00:00 +0530 Sat, 03 Jun 2017 06:21:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343865 The Tribunal allowed the appeals filed by the assessee against the penalty imposed under Sec.271D for accepting cash loans exceeding Rs. 20,000, citing that the penalty order issued by the Addl. Commissioner of Income Tax was barred by limitation. The Tribunal relied on judicial precedents emphasizing that the time limit for penalty proceedings should commence from the date of the show cause notice issued by the Assessing Officer, rejecting the Revenue's argument based on a Circular issued by the CBDT. Consequently, the penalty order was quashed, ruling in favor of the assessee. Case-Laws Income Tax Thu, 01 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343865