Penalty u/s. 271C set aside as penalty order barred by limitation: Delhi HC

CIT (TDS)-2 Vs Turner General Entertainment Networks India Pvt. Ltd. (Delhi High Court) Delhi High Court held that reference by AO to JCIT regarding non-deduction of TDS was first step for initiation of action for imposition of penalty. Accordingly, penalty order passed by JCIT levying penalty under section 271C of the Income Tax Act is barred by limitation. Facts- The assessee filed his return of income for A.Y. 2011-2012 on 30.11.2011 declaring a total loss of ₹2,62,04,18,432/-. The tax audit report reported that the assessee had not deducted ₹5,00,40,103/- as tax at source. The return ...