Time limits for tax penalty imposition clarified; triggers tied to completion of proceedings, appeals, or revision orders.

Amendment revises the temporal limits for initiating penalty proceedings under section 275, tying the limitation period to the later of (a) the end of the financial year in which the proceedings that gave rise to penalty were completed, or (b) six months from the end of the month in which appellate or revision orders are received or action to impose penalty is initiated.

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