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
CA Sanjay Baheti (PROPRIETOR) (1155 Points)
12 February 2010Dear 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
Anumanchipalli Sathikonda
(Tax Consultant)
(1454 Points)
Replied 15 February 2010
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
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 15 February 2010
Mr. CA Sanjay Baheti,
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