https://www.taxtmi.com/highlights?id=96144 Issue: Whether penalty proceedings under sections 271D and 271E were barred by limitation. The tribunal held that, applying sections 271D, 271E and 275(1) and following the Supreme Court precedent in Hissaria Brothers, the Assessing Officer's penalty orders were time-barred because they were not issued within the statutory limitation period; the appellate orders setting aside those penalties for being beyond limitation were lawful. Consequence: all four impugned penalty orders were quashed. - ITAT en-us Mon, 19 Jan 2026 07:36:44 +0530 Mon, 19 Jan 2026 07:36:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96144 Issue: Whether penalty proceedings under sections 271D and 271E were barred by limitation. The tribunal held that, applying sections 271D, 271E and 275(1) and following the Supreme Court precedent in Hissaria Brothers, the Assessing Officer's penalty orders were time-barred because they were not issued within the statutory limitation period; the appellate orders setting aside those penalties for being beyond limitation were lawful. Consequence: all four impugned penalty orders were quashed. - ITAT Highlights Income Tax Mon, 19 Jan 2026 07:36:44 +0530 https://www.taxtmi.com/highlights?id=96144