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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 275 of Income-tax Act sets limitation period for penalty orders with specific exclusions.</h1> Section 275 of the Income-tax Act, 1961, has been amended to establish a limitation period for imposing penalties. No penalty order shall be passed after two years from the end of the financial year in which penalty proceedings are completed, or six months from the receipt of the Appellate Assistant Commissioner or Appellate Tribunal's order by the Commissioner, whichever is later. In other cases, the limitation is two years from the end of the relevant financial year. Time taken for re-hearing opportunities or court-ordered stays is excluded from this limitation period.
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