Limitation for penalty proceedings now runs to the later of the statutory period or sixty days after assessment or reassessment. Amendment modifies the temporal limitation for initiating penalty proceedings under Section 281B(2) by replacing the two-year rule with a later-of ... Summary
Limitation for penalty proceedings now runs to the later of the statutory period or sixty days after assessment or reassessment.
Amendment modifies the temporal limitation for initiating penalty proceedings under Section 281B(2) by replacing the two-year rule with a later-of provision tying commencement to either the original two-year period or sixty days after the date of the order of assessment or reassessment, and omits the second and third provisos to subsection (2).
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