9911796707
TMI Blog2006 (7) TMI 141X X X X Extracts X X X X X X X X Extracts X X X X ..... as confirmed by the Commissioner. The Tribunal has set aside the penalty on the sole ground of limitation. It is in these circumstances, the Revenue is before us. – A combined reading of sections 271B and 275(1)(c) would show that the six-month period of limitation is with reference to initiation of proceedings in terms of section 275(1)(c) of the Act. In the case on hand, it is seen that initiati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vied on December 15, 1993, by the Department. The said penalty was confirmed by the Commissioner. The Tribunal has set aside the penalty on the sole ground of limitation. It is in these circumstances, the Revenue is before us. This court at the time of admission has chosen to frame the following question of law: "Whether, on the facts and circumstances of the case, the Tribunal was right in hold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terms of the statute. Section 271B reads as under: "If any person fails, to get his accounts audited in respect of any previous year or years relevant to an assessment year or obtain a report of such audit as required under section 44AB, or furnish the said report along with the return of his income filed under sub-section (1) of section 139, or along with the return of income furnished in respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of penalty is initiated, whichever period expires later." A combined reading of sections 271B and 275(1)(c) would show that the six-month period of limitation is with reference to initiation of proceedings in terms of section 275(1)(c) of the Act. In the case on hand, it is seen that initiation was done on June 8, 1993, and the penalty was levied on December 15, 1993. It is within six months ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
