Section 271B penalty proceedings after 30 months of completion of assessment is barred by limitation

Jila Sahakari Kendriya Bank Maryadit Vs ITO (ITAT Raipur)

It is not disputed by both the parties that there is no finding in the assessment order for levy of penalty for the alleged default u/s. 271B of the Act and it is also not disputed that after passing of the order on 31.12.2011, the alleged notice is only issued on 16.06.2014 after two and half year time which is very abnormal time to fasten the liability on account alleged default after the assessment is completed. In between there is not notice and even the assessment order is silent on the levy

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