https://www.taxtmi.com/caselaws?id=18468 The High Court of Rajasthan ruled in favor of the assessee, holding that the penalties imposed were time-barred under section 275 of the Income-tax Act. The court determined that the limitation period for imposing penalties should be calculated from the end of the financial year in which the assessment proceedings were completed, not from the receipt of the appellate order in the registration matter by the Commissioner. The penalties imposed on the assessee were considered beyond the prescribed time-limit, emphasizing the importance of timely completion of penalty proceedings after the assessment order is passed. en-us Mon, 20 Nov 1995 00:00:00 +0530 Thu, 01 Oct 2009 11:51:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18468 The High Court of Rajasthan ruled in favor of the assessee, holding that the penalties imposed were time-barred under section 275 of the Income-tax Act. The court determined that the limitation period for imposing penalties should be calculated from the end of the financial year in which the assessment proceedings were completed, not from the receipt of the appellate order in the registration matter by the Commissioner. The penalties imposed on the assessee were considered beyond the prescribed time-limit, emphasizing the importance of timely completion of penalty proceedings after the assessment order is passed. Case-Laws Income Tax Mon, 20 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18468