https://www.taxtmi.com/caselaws?id=466872 Penalty proceedings for failure to furnish an audit report under section 271B are subject to the limitation framework in section 275(1)(c). Although such penalties may be independent of assessment proceedings, the audit-report default would ordinarily emerge during assessment. Section 275(1)(c) requires completion by the later of the financial-year end in which action is initiated or six months from the end of the month of initiation. Even after statutory timeline extensions, initiation and completion must occur within a reasonable time after assessment. A show-cause notice issued substantially later was treated as time-barred, rendering the consequential penalty order invalid. 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 Penalty proceedings for failure to furnish an audit report under section 271B are subject to the limitation framework in section 275(1)(c). Although such penalties may be independent of assessment proceedings, the audit-report default would ordinarily emerge during assessment. Section 275(1)(c) requires completion by the later of the financial-year end in which action is initiated or six months from the end of the month of initiation. Even after statutory timeline extensions, initiation and completion must occur within a reasonable time after assessment. A show-cause notice issued substantially later was treated as time-barred, rendering the consequential penalty order invalid. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466872