TaxTMI 
TaxTMI 
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
Time Limit - initiation of penalty proceedings u/s 221
09 Feb 2010 
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Time limit for initiation of penalty proceedings: initiation is not time-barred, but completion faces statutory limitation.
There is no prescribed time limit for initiation of penalty proceedings under the Income Tax regime; however, a distinct statutory limitation governs the completion of such penalty proceedings, imposing a time-bound requirement for concluding them once initiated. (AI Summary)
There is no prescribed time limit for initiation of penalty proceedings under the Income Tax regime; however, a distinct statutory limitation governs the completion of such penalty proceedings, imposing a time-bound requirement for concluding them once initiated. (AI Summary)