https://www.taxtmi.com/caselaws?id=432974 The Tribunal held that the penalty order under section 271C of the Act, imposing a penalty of Rs. 1,05,36,376, was invalid due to the delay in initiating penalty proceedings, which occurred 14 years after the assessment order. The Tribunal emphasized that such a delay was unreasonable and beyond the limitation period, leading to the deletion of the penalty. Compliance with legal provisions regarding penalty initiation and imposition was crucial, and the Tribunal underscored the significance of adhering to the specified timelines under the Income Tax Act. en-us Tue, 17 Jan 2023 00:00:00 +0530 Wed, 18 Jan 2023 08:34:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432974 The Tribunal held that the penalty order under section 271C of the Act, imposing a penalty of Rs. 1,05,36,376, was invalid due to the delay in initiating penalty proceedings, which occurred 14 years after the assessment order. The Tribunal emphasized that such a delay was unreasonable and beyond the limitation period, leading to the deletion of the penalty. Compliance with legal provisions regarding penalty initiation and imposition was crucial, and the Tribunal underscored the significance of adhering to the specified timelines under the Income Tax Act. Case-Laws Income Tax Tue, 17 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432974