https://www.taxtmi.com/caselaws?id=305250 The ITAT dismissed all three appeals of the Department challenging the deletion of penalty under section 271D of the Income Tax Act. The penalties were deleted by Ld. CIT (Appeals) and upheld by ITAT due to being time-barred. ITAT held that the limitation period for penalty proceedings starts from the initiation of penalty proceedings, rendering the penalty orders void ab initio. The judgment underscores the significance of complying with limitation periods in penalty cases, emphasizing that penalties issued beyond the prescribed time limits are invalid. en-us Tue, 24 Oct 2017 00:00:00 +0530 Thu, 24 Nov 2022 09:06:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305250 The ITAT dismissed all three appeals of the Department challenging the deletion of penalty under section 271D of the Income Tax Act. The penalties were deleted by Ld. CIT (Appeals) and upheld by ITAT due to being time-barred. ITAT held that the limitation period for penalty proceedings starts from the initiation of penalty proceedings, rendering the penalty orders void ab initio. The judgment underscores the significance of complying with limitation periods in penalty cases, emphasizing that penalties issued beyond the prescribed time limits are invalid. Case-Laws Income Tax Tue, 24 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305250