Penalty limitation under Black Money Act: one-year bar after financial year and six-month revival limit; specified exclusions. An order imposing penalty must be passed within one year from the end of the financial year in which the notice under section 46 is issued; such penalty may be revised or revived after assessment is revised on appellate or revision orders, and any revision or revival must be made within six months from the end of the month in which the appellate or revision order is received or passed. Time for rehearing under section 7 and periods during which proceedings are stayed by court order are excluded in computing these limitation periods.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty limitation under Black Money Act: one-year bar after financial year and six-month revival limit; specified exclusions.
An order imposing penalty must be passed within one year from the end of the financial year in which the notice under section 46 is issued; such penalty may be revised or revived after assessment is revised on appellate or revision orders, and any revision or revival must be made within six months from the end of the month in which the appellate or revision order is received or passed. Time for rehearing under section 7 and periods during which proceedings are stayed by court order are excluded in computing these limitation periods.
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