https://www.taxtmi.com/caselaws?id=463220 The ITAT Surat held that penalty under section 271B is independent of assessment additions and must be levied within six months from the end of the relevant assessment year. Although the AO had until 30.06.2020 to pass the penalty order, the Covid-19 pandemic prompted the CBDT to extend limitation periods via Circulars under TOLA, allowing orders up to 30.09.2021. The AO passed the penalty order on 09.08.2021, within the extended timeframe. The ITAT found the earlier order disregarding the extended limitation period to be erroneous and accordingly recalled that order. en-us Thu, 29 Aug 2024 00:00:00 +0530 Fri, 15 Aug 2025 21:55:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463220 The ITAT Surat held that penalty under section 271B is independent of assessment additions and must be levied within six months from the end of the relevant assessment year. Although the AO had until 30.06.2020 to pass the penalty order, the Covid-19 pandemic prompted the CBDT to extend limitation periods via Circulars under TOLA, allowing orders up to 30.09.2021. The AO passed the penalty order on 09.08.2021, within the extended timeframe. The ITAT found the earlier order disregarding the extended limitation period to be erroneous and accordingly recalled that order. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463220