https://www.taxtmi.com/caselaws?id=361029 The tribunal dismissed the revenue's appeal, affirming that the penalty imposed under section 271E was barred by limitation and rightly deleted by the CITA. The tribunal upheld the CITA's decision, citing the jurisdictional High Court's ruling that the limitation period for penalties starts from the first show cause notice date, not the initiation date. The genuineness of loan transactions was not addressed as the time-barred penalty notices resolved the appeal. The court order was pronounced on 23.05.2018. en-us Wed, 23 May 2018 00:00:00 +0530 Mon, 28 May 2018 10:06:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361029 The tribunal dismissed the revenue's appeal, affirming that the penalty imposed under section 271E was barred by limitation and rightly deleted by the CITA. The tribunal upheld the CITA's decision, citing the jurisdictional High Court's ruling that the limitation period for penalties starts from the first show cause notice date, not the initiation date. The genuineness of loan transactions was not addressed as the time-barred penalty notices resolved the appeal. The court order was pronounced on 23.05.2018. Case-Laws Income Tax Wed, 23 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361029