| Question And Answer | |
|---|---|
| Subject: | Penalty notice u/s 271B |
| Category: | Income-Tax |
| Querist: | Amol madiwal |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | penalty, penalty under-reporting and misreporting, Section 271B |
| Date: | April 17, 2022 |
Dear sir,
Penalty notice u/s 271B received on 11.11.2019, what is the time limit for completion of penalty proceeding.
As per section 275 of the Act i.e., Bar of limitation for imposing penalties, no order imposing a penalty under this Chapter shall be passed, after the expiry of the financial year in which the proceedings, in the course of which action for the 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 period expires later.
Since the assessee has received Penalty Notice under section 271B of the Act on November 11, 2019, the provision of The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 will also have to be examined.