https://www.taxtmi.com/caselaws?id=765173 Penalty under income tax law for alleged cash transaction violation was held time barred because the revenue initiated proceedings nearly a year after the assessing officer's reference and concluded penalty proceedings beyond the limitation period. The court found no satisfactory explanation for delayed issuance of the show cause notice, applying the doctrine of laches to reject revenue's procedural laxity; a relied upon precedent was treated as fact specific and inapplicable. The tribunal's acceptance of limitation and delay reasoning resulted in questions of law being answered in favour of the assessee. en-us Fri, 17 Jan 2025 00:00:00 +0530 Fri, 03 Apr 2026 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765173 Penalty under income tax law for alleged cash transaction violation was held time barred because the revenue initiated proceedings nearly a year after the assessing officer's reference and concluded penalty proceedings beyond the limitation period. The court found no satisfactory explanation for delayed issuance of the show cause notice, applying the doctrine of laches to reject revenue's procedural laxity; a relied upon precedent was treated as fact specific and inapplicable. The tribunal's acceptance of limitation and delay reasoning resulted in questions of law being answered in favour of the assessee. Case-Laws Income Tax Fri, 17 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765173