Dear All,
Is there any time limit for initiation of penalty proceedings u/s 221 of the I T Act? There is limitation for concluding the same u/s 275 once initiated.
Regards.
Ca Sanjay Baheti
2 Replies
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 15 February 2010
Mr. CA Sanjay Baheti
The moment an assessee who becomes "an assessee in default" u/s 201, the Assessing Officer can initiate the proceedings u/s 221.
Best Wishes
Sathikonda
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 15 February 2010
Mr. CA Sanjay Baheti,
If the penalty proceedings start before assessment is completed, then Sec 275 will apply in toto. In case there as been no assessment, then time limit is 6 months from the end of the month in which the penalty proceedings are initiated..
Refer 275
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