DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. JAYAPRIYA COMPANY, CHENNAI

In the result, appeal filed by the Revenue is dismissed and the\nCross-Objection filed by the assessee is allowed

gainfully refer to the decision of the Hon'ble\nDelhi High Court in the case of PCIT v. Thapar Homes Ltd (supra),\nwherein it was held that that once revenue decided to trigger penalty\nproceedings against assessee by recording satisfaction/finding of fact\nregarding violation of section 269SS, it is incumbent upon it to keep an\neye on limitation period prescribed