Assessment was completed on 31st Dec, 2011. The penalty notice was issued on 16th June, 2014 i.e. after two and half years from the assessment order. Levy of penalty by the AO after passage of 30 months after the completion of the assessment was barred by limitation especially when there was no finding in the assessment order for levy of penalty.(AY.2009-10)
Jila Sahakari Kendriya Benk Maryadit v. ITO (2022) 219 TTJ 17 (UO)/ 99 ITR 156 (Raipur)(Trib)
S. 271B : Penalty-Failure to get accounts audited-No finding in the assessment order-Levy of penalty after 30 months after completion of the assessment-Barred by limitation. [S. 44AB, 275(1)(c)]