M/s.Romaa Housing Pvt. Ltd. v. The Addl.CIT

Parties Involved

Facts Summary

The assessee, M/s.Romaa Housing Pvt. Ltd., filed its return of income for the Assessment Years (AY) 2018-19 and 2019-20. The case was selected for scrutiny, and the assessment was completed by the Assessing Officer (AO) on 05.08.2021 for AY 2018-19 and on 30.09.2021 for AY 2019-20. The AO recommended penalty proceedings for receiving and repaying loans in cash, violating sections 269SS and 269T of the Income Tax Act, 1961. The Additional Commissioner of Income Tax (Addl.CIT) issued notices and levied penalties on 30.08.2022 for both years. The assessee challenged the penalty orders on the ground that they were time-barred under section 275(1)(c) of the Act.…

Legal Issues

• 1. Whether the penalty orders are time-barred under section 275(1)(c) of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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