The Assessing Officer passed an assessment order on December 31, 2010 and initiated of penalty proceedings for contravention of section 269T. A reference was made to the Additional Commissioner on June 7, 2011, who issued notice and passed a penalty order on December 30, 2011 imposing a penalty under section 271E. The Commissioner (Appeals) set aside the imposition of penalty holding that the order was passed beyond the period of limitation under section 275(1)(c). The Tribunal, affirming the order, held that the imposition of the penalty under section 271E was to have been made before June 30, 2011 and not December 31, 2011. On appeal, the High Court affirmed the order of the Tribunal. (AY. 2019-20)
PCIT v. Thapar Homes Pvt. Ltd (2026) 486 ITR 149 (Delhi)(HC)
S. 275 : Penalty-Bar of limitation-Acceptance and repayment of deposits in cash in excess of prescribed limit-Assessment order passed on 31-12-2010 with initiation of penalty proceedings-Reference made to Additional Commissioner on 7-6-2011 and penalty order passed on 30-12-2011-Six months’ limitation under section 275(1)(c) to be reckoned from date of initiation of penalty proceedings-Barred by limitation.[S.269T 271E 275(1)(c)]
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