https://www.taxtmi.com/caselaws?id=466872 The note addresses whether a penalty for failure to furnish an audit report is time-barred under the limitation framework of section 275(1)(c). It explains that timelines require initiation and completion of penalty proceedings within the statutory periods or, where extensions applied, within a reasonable time thereafter; a show-cause issued substantially later falls outside that statutory contemplation. The operative effect stated is that a notice issued beyond the reasonable time and the consequent penalty are time-barred and therefore invalid, resulting in setting aside of the penalty order imposed for non-filing of the audit report. en-us Fri, 31 Jan 2025 00:00:00 +0530 Mon, 23 Feb 2026 19:00:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466872 The note addresses whether a penalty for failure to furnish an audit report is time-barred under the limitation framework of section 275(1)(c). It explains that timelines require initiation and completion of penalty proceedings within the statutory periods or, where extensions applied, within a reasonable time thereafter; a show-cause issued substantially later falls outside that statutory contemplation. The operative effect stated is that a notice issued beyond the reasonable time and the consequent penalty are time-barred and therefore invalid, resulting in setting aside of the penalty order imposed for non-filing of the audit report. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466872