Dear All,
Is there any time limit for initiation of penalty proceedings u/s 221 of the I T Act? There is limitation for concluding the same u/s 275 once initiated.
Regards.
Ca Sanjay Baheti
Dear All,
Is there any time limit for initiation of penalty proceedings u/s 221 of the I T Act? There is limitation for concluding the same u/s 275 once initiated.
Regards.
Ca Sanjay Baheti
Mr. CA Sanjay Baheti
The moment an assessee who becomes "an assessee in default" u/s 201, the Assessing Officer can initiate the proceedings u/s 221.
Best Wishes
Sathikonda
Mr. CA Sanjay Baheti,
T R SOOD & CO
New Delhi
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SSGS and Associates
Chennai
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R P S K & Associates
Nashik
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