Dismissing the petition the petition the Court held that , Limitation period of six months to be reckoned from the end of month initiation of the penalty proceedings by JCIT and not from the date of assessment order. Penalty u\/s2771D is independent of \u00a0assessment . In the assessment order dt. 28 th Dec 2016 , the AO has only issued show cause to the assessee regarding penalty .In the second notice dt.22-09 -2017 by JCIT initiated penalty \u00a0proceedings u\/s 271D and \u00a0271E of the Act, therefore the initiation of penalty proceedings is not barred by limitation. \u00a0JCIT is only authority competent to initiate proceedings and impose penalty.Initiation of penalty proccednngs is not barred by limitation. (AY.2009-10, 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 275 : Penalty – Bar of limitation – Takes or accepts any loan or deposit – Repayment of loan or deposit \u2013 Limitation period of six months to be reckoned from the end of month initiation of the penalty proceedings by JCIT and not from the date of assessment order \u2013 Penalty u\/s2771D is independent under assessment .-JCIT is only authority competent to initiate proceedings and impose penalty \u2013 Not barred by limitation .[ S. 269SS, 269T,271D, 271E ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1591","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-pF","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=1591"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1591\/revisions"}],"predecessor-version":[{"id":5503,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1591\/revisions\/5503"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=1591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=1591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=1591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}