Order under section 119(2)(a)(b) of Income-tax Act, 1961--Penalties based on cancelled/annulled assessments--Authorisation by the CBDT for taking action in respect of such penalties under section 154 beyond the time limit prescribed under section 154(7).
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Extension of time for rectification allows CBDT authorisation to pursue penalties arising from annulled assessments. Authorisation is given for administrative rectification to pursue penalty demands founded on assessments cancelled or annulled, permitting action under ... Summary
Extension of time for rectification allows CBDT authorisation to pursue penalties arising from annulled assessments.
Authorisation is given for administrative rectification to pursue penalty demands founded on assessments cancelled or annulled, permitting action under the rectification provisions beyond the ordinary time-limit where the Board issues specific authorisation; the document also corrects an internal circular reference by substituting one Board circular number for another.
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