Commencement of limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961

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..... Commencement of limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961 - reg. It has been brought to the notice of the Central Board of Direct Taxes (hereinafter referred to as the Board) that there are conflicting interpretations of various High Courts on the issue whether the limitation for imposition of penalty under sections 271D and 271E of the Income tax .....

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..... conflict needs to be resolved by way of a "Departmental View". 3. The Hon'ble Kerala High Court in the case of Grihalaxmi Vision v. Addl. Commissioner of Income Tax, Range 1, Kozhikode ,vide its order dated 8.7.15 in ITA Nos. 83 & 86 of 2014, observed that, "Question to be considered is whether proceedings for levy of penalty, are initiated, with the passing of the order of ass .....

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..... enalty proceedings is only with the issuance of the notice issued by the Joint Commissioner to the assessee to which he has filed his reply." 4. The above judgment reflects the "Departmental View". Accordingly, the Assessing Officers (below the rank of Joint Commissioner of Income Tax.) may be advised to make a reference to the Range Head, regarding any violation of the provisions .....

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