The existing
provisions of section 275 provide for the time limit for passing the order
imposing penalties. Due to presence of multiple time lines for imposition of
penalties under various cases which makes it difficult to keep track of multiple
time barring dates for effective and efficient tax administration.
In
view of the foregoing, it proposed to substitute the provision of Section 275
to provide that any order imposing a penalty under Chapter XXI (Penalty
Imposable) shall not be passed after the expiry of six months from the end of
the quarter in which the connected proceedings are completed, or the order of
appeal is received by the jurisdictional Principal Commissioner or
Commissioner, or the order of revision is passed, or the notice for imposition
of penalty is issued, as the case maybe. Thus, amendment has brought clarity on
the time limits to impose penalty and has providing single time limit to impose
penalties.
This amendment
will take effect from 1st April, 2025.
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