TDS

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Sandeep Rohatgi (Querist)
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31 August 2010 Sir ,

Is there any time limit for imposition of penalty U/S 272A(2)(K) and U/S 274(1) of Income tax Act 1961

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 August 2010 With in the financial year in which the proceedings of penalty has been initiated or sis months from the end of the month in which action for imposition of penalty is initiated which ever period expires later. Reference :- Section 275(1)(c) of the Income tax Act,1961.

Sandeep Rohatgi

Sandeep Rohatgi (Querist)
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31 August 2010 Thanks for reply ,

I wish to reply to TDS Department could be please help out .

In this matter company was running in heavy losses and could not deposit tds on time . A department survey was conducted on dated 23-1-2008 after reviweing the situation of company the officer agreed to company plea for waving of pentaly for nonfiling of Tds returns on time ie Rs 100 perday and advise the company to deposit the due TDS along with interest there on , however the matter was verbal and there was nothing in writing .

After few months company received a notice again in the same matter advising the company to deposit some more tds and the assessing officer referred the matter for penalty proceedings U/s 272A to ADDl CIT , the Date of Order is 2nd March 2009 .

Now again on Dated 11.08.2010 in the same matter department has issued a notice to company for imposition of Penatly U/s 272A ( 2)( K) read with section 274(1)

I feel the notice issued is time barred as per the income tax Act

Please put your views on the same .

regards

sandeep

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