https://www.taxtmi.com/caselaws?id=774600 ITAT Delhi allowed the assessee's appeal and deleted penalties imposed under sections 271D/271E, ruling they were imposed beyond the statutory limitation period under section 275. The penalty order dated 31.01.2024 exceeded both prescribed time limits: completion by 31.03.2023 (after expiry of financial year when proceedings concluded) and 30.06.2023 (six months from penalty initiation). Following Delhi HC precedent in Rishikesh Buildcon case, ITAT held penalty orders passed beyond section 275(1)(c) timeframe are invalid. en-us Wed, 09 Jul 2025 00:00:00 +0530 Fri, 11 Jul 2025 08:39:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774600 ITAT Delhi allowed the assessee's appeal and deleted penalties imposed under sections 271D/271E, ruling they were imposed beyond the statutory limitation period under section 275. The penalty order dated 31.01.2024 exceeded both prescribed time limits: completion by 31.03.2023 (after expiry of financial year when proceedings concluded) and 30.06.2023 (six months from penalty initiation). Following Delhi HC precedent in Rishikesh Buildcon case, ITAT held penalty orders passed beyond section 275(1)(c) timeframe are invalid. Case-Laws Income Tax Wed, 09 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774600