https://www.taxtmi.com/caselaws?id=787165 Whether the penalty is time barred: the Assessing Officer's reference to the competent authority on 25/05/2023 constitutes the triggering event for limitation under the applicable provision, making the penalty order dated 27/09/2024 time barred and quashed in favour of the assessee. Whether penalty merits sustain: penal liability requires tangible, transaction wise evidence that the assessee received cash in contravention of the cash receipt prohibition; consolidated week wise aggregated excel entries and admissions without date wise, buyer wise transaction particulars did not establish contravention, so the penalty was deleted in favour of the assessee. en-us Wed, 25 Feb 2026 00:00:00 +0530 Thu, 25 Jun 2026 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787165 Whether the penalty is time barred: the Assessing Officer's reference to the competent authority on 25/05/2023 constitutes the triggering event for limitation under the applicable provision, making the penalty order dated 27/09/2024 time barred and quashed in favour of the assessee. Whether penalty merits sustain: penal liability requires tangible, transaction wise evidence that the assessee received cash in contravention of the cash receipt prohibition; consolidated week wise aggregated excel entries and admissions without date wise, buyer wise transaction particulars did not establish contravention, so the penalty was deleted in favour of the assessee. Case-Laws Income Tax Wed, 25 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787165