https://www.taxtmi.com/caselaws?id=751978 The ITAT Delhi ruled that a penalty order under section 271C passed by JCIT (TDS) on 25.02.2016 was time-barred under section 275(1)(c). Following the Delhi HC decision in JKD Capital Finlease Ltd., the tribunal held that penalty proceedings must be completed within six months of initiation or by the end of the financial year in which quantum proceedings were completed, whichever is later. Since the JCIT delayed issuing the penalty notice beyond the prescribed limitation period, the penalty order was barred by limitation and deleted. The assessee's appeal was allowed. en-us Mon, 29 Apr 2024 00:00:00 +0530 Wed, 01 May 2024 09:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751978 The ITAT Delhi ruled that a penalty order under section 271C passed by JCIT (TDS) on 25.02.2016 was time-barred under section 275(1)(c). Following the Delhi HC decision in JKD Capital Finlease Ltd., the tribunal held that penalty proceedings must be completed within six months of initiation or by the end of the financial year in which quantum proceedings were completed, whichever is later. Since the JCIT delayed issuing the penalty notice beyond the prescribed limitation period, the penalty order was barred by limitation and deleted. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 29 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751978