Bar of limitation for imposing penalties
Bar of limitation for imposing penalties
275. No order imposing a penalty under this Chapter shall be passed after the expiration of two years from the date of the completion of the proceedings in the course of which the proceedings for the imposition of penalty have been commenced.
Explanation.—In computing the period of limitation for the purpose of this section the time taken in giving an opportunity to the assessee to be re-heard under the proviso to section 129 and any period during which a proceeding under this Chapter for the levy of penalty is stayed by an order or injunction of any court shall be excluded.
[As amended by Finance Act, 1968]