Limitation period for penalty: one-year bar from financial year-end, subject to revision after appellate orders and exclusions.

No penalty order may be passed after one year from the end of the financial year in which the notice for imposition of penalty was issued. Penalty orders may be revised or revived on the basis of a reassessed tax base following appellate or revisional orders, but such revision must be made within six months from the end of the month in which the appellate or revisional order is received or passed. Time for rehearing and periods of court stay or injunction are excluded from the limitation computation.

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