https://www.taxtmi.com/caselaws?id=61058 The ITAT Special Bench determined that the period of limitation for imposing penalties under section 271D of the Income-tax Act, 1961, should be calculated from the date when penalty proceedings are initiated by the DCIT (now JCIT), not from the completion of assessment proceedings. This decision aligns with the legislative intent to combat black money and unaccounted cash. Consequently, the penalty orders in question were deemed not barred by limitation, as they were issued within six months from the initiation date by the competent authority. The Registry was instructed to proceed with follow-up actions in accordance with this ruling. en-us Thu, 03 Nov 2005 00:00:00 +0530 Mon, 08 Apr 2024 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61058 The ITAT Special Bench determined that the period of limitation for imposing penalties under section 271D of the Income-tax Act, 1961, should be calculated from the date when penalty proceedings are initiated by the DCIT (now JCIT), not from the completion of assessment proceedings. This decision aligns with the legislative intent to combat black money and unaccounted cash. Consequently, the penalty orders in question were deemed not barred by limitation, as they were issued within six months from the initiation date by the competent authority. The Registry was instructed to proceed with follow-up actions in accordance with this ruling. Case-Laws Income Tax Thu, 03 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61058