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TMI Blog2006 (2) TMI 135X X X X Extracts X X X X X X X X Extracts X X X X ..... venue (Commissioner of Income-tax) under section 260A of the Income-tax Act, 1961 against an order dated November 25, 2002 passed by the Income-tax Appellate Tribunal in I. T. A. No. 529/Ind/1999. The appeal was admitted for final hearing on the following substantial question of law: "Whether, on the facts and circumstances of the case, the Tribunal was right in holding that penalty proceedings u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to Rs. 5,75,000 thereby contravening the provisions of section 26955 of the Act. It is this contravention which gave rise to initiation of penalty proceedings under section 271D by the Assessing Officer against the assessee. A notice to this effect was accordingly issued by the Assessing Officer on April 7, 1993. However an order imposing penalty was passed on October 31, 1997 by the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder: "Section 275. Bar of limitation for imposing penalties. (1)..... (c) in any other case, after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of the month in which action for imposition of penalty is initiated, whichever period expires later." The language o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the proceedings because the six month period was expiring in October, 1993. In this view of the matter the Assessing Officer had the benefit of the later period, i.e., March 31, 1994 as contemplated under section 275(1)(c). Since the penalty order was passed on October 31, 1997 and hence it was in contravention of section 275(1)(c) ibid. It was in other words passed beyond the period prescrib ..... X X X X Extracts X X X X X X X X Extracts X X X X
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