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of <h1>Tax Authorities Can Cancel Penalties on Annulled Assessments u/s 154, Even After Time Limits Expire.</h1> The circular addresses the issue of penalties imposed based on income tax assessments that have been cancelled or annulled. It authorizes tax authorities to take action under section 154 beyond the stipulated time limits in cases where penalty orders remain despite the annulment of the underlying assessments. This authorization aims to alleviate hardships by allowing authorities to cancel such penalties or accept applications for cancellation from taxpayers. However, this order does not apply to penalties confirmed by higher judicial bodies, those based on assessments set for re-evaluation, or where appeals are pending.
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