2012 (2) TMI 280

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....appeals raise the following substantial questions of law:   "(i) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in deleting the penalties under Section 271-B levied for the assessment years 2000-01 to 2003-04   (ii) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holdin....

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....er levied penalty under Section 271B of the Income Tax Act by his assessment orders dated 26.9.2008 in respect of all the four years. Those assessment orders were questioned before the Commissioner of Income Tax (Appeals) and the same were dismissed by following the judgment of the Gawahati High Court reported in (2008) 297 ITR 383 (Khuda Wood Products (P) Ltd., v. CIT) on the ground that penalty ....

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....ty has been initiated, are contemplated, or six months from the end of the month in which action for imposition of penalty is initiated, whichever period expires later, no action for penalty can be initiated. 5. In the given case, penalty proceedings for the assessment year 2000-01 was initiated after the period of more than four and half years after the completion of assessment. Likewise, for ....