Case Law Details
PCIT Vs Rishikesh Buildcon Pvt. Ltd. (Delhi High Court)
Delhi High Court held that penalty order passed beyond the time period prescribed under section 275(1)(c) of the Act i.e. after the lapse of six months from the end of the month in which the penalty proceedings were initiated is liable to be set aside.
Facts-
The Respondent, Assessee, is engaged in the business of carrying out land development work and had filed its Return of Income, declaring a loss of Rs. 56,022/-. The Assessee’s case was selected for scrutiny through CASS and Notice was issued under Section 143(2) of the Income Tax Act.
During the assessment proceedings, AO observed that the assessee had received cash aggregating to Rs. 5,02,03,000/- from three companies. The AO then passed the assessment order holding that the assessee has violated the provisions of Section 269SS of the Income Tax Act, and consequently, proceeded to initiate penalty proceedings, under Section 271D of the Income Tax Act.
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