https://www.taxtmi.com/caselaws?id=417737 The Tribunal allowed the appeal, canceling the penalty levy under section 271(1)(c) of the Income Tax Act for A.Y. 2003-04, as the penalty order dated 30.08.2012 was deemed time-barred under section 275(1)(a) due to the insertion of a proviso in 2003, setting a specific time frame for passing penalty orders. The Tribunal emphasized the significance of adhering to statutory timelines for imposing penalties, rendering further discussion on other grounds unnecessary. en-us Mon, 24 Jan 2022 00:00:00 +0530 Mon, 31 Jan 2022 07:20:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417737 The Tribunal allowed the appeal, canceling the penalty levy under section 271(1)(c) of the Income Tax Act for A.Y. 2003-04, as the penalty order dated 30.08.2012 was deemed time-barred under section 275(1)(a) due to the insertion of a proviso in 2003, setting a specific time frame for passing penalty orders. The Tribunal emphasized the significance of adhering to statutory timelines for imposing penalties, rendering further discussion on other grounds unnecessary. Case-Laws Income Tax Mon, 24 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417737