Time Limit - initiation of penalty proceedings u/s 221

[CAGOPALJI AGRAWAL]

Dear All Is there any time limit for initiation of penalty proceedings u/s 221 of the IT Act? There is limitation for concluding the same u/s 275 once initiated. Please help me out.

Gopal

[Rama Krishana]

Yes, you are correct, section 221 read with section 275, there is no time limit for initiation of penalty proceedings. There is time limit for completion of penalty proceedings.

AI Summary

Clarification on Time Limits for Initiating Penalty Proceedings Under Section 221 of Income Tax Act A participant inquired about the time limit for initiating penalty proceedings under section 221 of the Income Tax Act, noting that there is a limitation for concluding such proceedings under section 275. A respondent clarified that while section 221, in conjunction with section 275, does not specify a time limit for the initiation of penalty proceedings, there is a stipulated time frame for their completion.