https://www.taxtmi.com/circulars?id=54477 A penalty for granting loans above the prescribed limit otherwise than through banking channels is independent of assessment and the limitation for imposing such penalty is governed by section 275(1)(c). The limitation period is the expiry of the financial year in which the proceedings in the course of which action for imposition of penalty has been initiated are completed, or six months from the end of the month in which action for imposition of penalty is initiated, whichever is later; it is not dependent on pendency of appeal against the assessment. en-us Tue, 26 Apr 2016 00:00:00 +0530 Thu, 28 Apr 2016 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=54477 A penalty for granting loans above the prescribed limit otherwise than through banking channels is independent of assessment and the limitation for imposing such penalty is governed by section 275(1)(c). The limitation period is the expiry of the financial year in which the proceedings in the course of which action for imposition of penalty has been initiated are completed, or six months from the end of the month in which action for imposition of penalty is initiated, whichever is later; it is not dependent on pendency of appeal against the assessment. Circulars Income Tax Tue, 26 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=54477