https://www.taxtmi.com/caselaws?id=447570 Penalty limitation under section 275(1)(c) is computed from the initiation of penalty action before the competent authority, not merely from the assessment order or later notice; on that basis, the penalty orders were treated as within time. However, the assessee's bona fide banking-like conduct, involving deposits and repayments through ordinary business facilities, was accepted as reasonable cause under section 273B. That factual foundation brought the case within the statutory protection and prevented levy of penalty under sections 271D and 271E. en-us Thu, 16 Nov 2023 00:00:00 +0530 Fri, 29 Dec 2023 16:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447570 Penalty limitation under section 275(1)(c) is computed from the initiation of penalty action before the competent authority, not merely from the assessment order or later notice; on that basis, the penalty orders were treated as within time. However, the assessee's bona fide banking-like conduct, involving deposits and repayments through ordinary business facilities, was accepted as reasonable cause under section 273B. That factual foundation brought the case within the statutory protection and prevented levy of penalty under sections 271D and 271E. Case-Laws Income Tax Thu, 16 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447570