https://www.taxtmi.com/caselaws?id=759320 The ITAT Delhi held that penalty orders under Section 271D read with Section 269SS were time-barred. The Assessing Officer recommended penalty initiation on 08/12/2017, but the Additional CIT(A) initiated penalty proceedings on 07/07/2018. Under Section 275(1)(c), penalty must be initiated within the financial year of recommendation (ending 31/03/2018) or within six months from the end of the month of recommendation (ending 30/06/2018). Since the penalty was initiated on 07/07/2018, it exceeded the statutory limitation period. The penalty orders were deleted, deciding against revenue. en-us Wed, 11 Sep 2024 00:00:00 +0530 Sat, 28 Sep 2024 08:11:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759320 The ITAT Delhi held that penalty orders under Section 271D read with Section 269SS were time-barred. The Assessing Officer recommended penalty initiation on 08/12/2017, but the Additional CIT(A) initiated penalty proceedings on 07/07/2018. Under Section 275(1)(c), penalty must be initiated within the financial year of recommendation (ending 31/03/2018) or within six months from the end of the month of recommendation (ending 30/06/2018). Since the penalty was initiated on 07/07/2018, it exceeded the statutory limitation period. The penalty orders were deleted, deciding against revenue. Case-Laws Income Tax Wed, 11 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759320